CFTC’s Selig: Market Structure Bill Positions US as the ‘Gold Standard’ for Cryptocurrency
CFTC Chairman Michael Selig joins ‘Mornings with Maria’ to discuss legislation regarding digital assets, prediction markets as well as regulation.
CFTC Chairman Michael Selig has made headlines by asserting that the market structure bill currently progressing through Congress could position the United States as the “gold standard” for crypto regulation. He emphasized that the need for clear rules in digital asset markets is long overdue.
According to Selig, the U.S. has been lacking in definitive oversight for digital assets. He believes that the new legislation will introduce a “token taxonomy” and establish clear jurisdiction, which is essential for advancing the markets.
Crypto legislation could reach Trump’s desk “in the next couple of months,” CFTC Chairman Michael Selig said, promising clear regulatory rules for digital asset markets. (Andrew Harnik/Getty Images)
Selig stated, “The goal [of this legislation] is just to get some clarity. It’s been too long with these markets just languishing, and they’ve fled offshore.” He noted that the best builders and innovators in the country are now looking at a system that offers clarity and defined rules, including a token taxonomy that differentiates between securities and non-securities.
CFTC Chairman Michael Selig argues most crypto assets should be treated as commodities, not securities, as a pending market structure bill would clarify the rules after prolonged regulatory uncertainty. (Jakub Porzycki/NurPhoto via Getty Images)
US CRYPTO REGULATION STALLS AS LAWMAKERS WARN OF FALLING BEHIND GLOBAL COMPETITORS FOR YEARS
Selig criticized the outdated approach of treating all digital assets as securities, advocating instead for many digital assets to be classified as commodities under CFTC oversight. This shift would help clarify the regulatory landscape significantly.
The new legislation also aims to clarify rules for prediction markets, including platforms like Polymarket and Kalshi. Selig noted that the CFTC has been regulating these markets for over two decades and expressed his commitment to embracing innovation in this sector.
Coinbase Chief Legal Officer Paul Grewal discusses the importance of cryptocurrency legislation as President Donald Trump voices his support for the Clarity Act on ‘Mornings with Maria.’
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Selig emphasized, “We’re not going to be a merit regulator as the prior administration sought to do and ban these types of contracts ahead of a political election. We’re gonna embrace it.” He assured that the CFTC would set the rules of the road and defend its authority in court when necessary.
Looking ahead, Selig projected that a crypto market structure bill could land on President Donald Trump’s desk “in the next couple of months,” praising the president’s leadership and advocacy for the cryptocurrency industry.
CFTC Chairman Michael Selig joins ‘Mornings with Maria’ to discuss legislation regarding digital assets, prediction markets as well as regulation.
CFTC Chairman Michael Selig has made headlines by asserting that the market structure bill currently progressing through Congress could position the United States as the “gold standard” for crypto regulation. He emphasized that the need for clear rules in digital asset markets is long overdue.
According to Selig, the U.S. has been lacking in definitive oversight for digital assets. He believes that the new legislation will introduce a “token taxonomy” and establish clear jurisdiction, which is essential for advancing the markets.
Crypto legislation could reach Trump’s desk “in the next couple of months,” CFTC Chairman Michael Selig said, promising clear regulatory rules for digital asset markets. (Andrew Harnik/Getty Images)
Selig stated, “The goal [of this legislation] is just to get some clarity. It’s been too long with these markets just languishing, and they’ve fled offshore.” He noted that the best builders and innovators in the country are now looking at a system that offers clarity and defined rules, including a token taxonomy that differentiates between securities and non-securities.
CFTC Chairman Michael Selig argues most crypto assets should be treated as commodities, not securities, as a pending market structure bill would clarify the rules after prolonged regulatory uncertainty. (Jakub Porzycki/NurPhoto via Getty Images)
US CRYPTO REGULATION STALLS AS LAWMAKERS WARN OF FALLING BEHIND GLOBAL COMPETITORS FOR YEARS
Selig criticized the outdated approach of treating all digital assets as securities, advocating instead for many digital assets to be classified as commodities under CFTC oversight. This shift would help clarify the regulatory landscape significantly.
The new legislation also aims to clarify rules for prediction markets, including platforms like Polymarket and Kalshi. Selig noted that the CFTC has been regulating these markets for over two decades and expressed his commitment to embracing innovation in this sector.
Coinbase Chief Legal Officer Paul Grewal discusses the importance of cryptocurrency legislation as President Donald Trump voices his support for the Clarity Act on ‘Mornings with Maria.’
CLICK HERE TO GET FOX BUSINESS ON THE GO
Selig emphasized, “We’re not going to be a merit regulator as the prior administration sought to do and ban these types of contracts ahead of a political election. We’re gonna embrace it.” He assured that the CFTC would set the rules of the road and defend its authority in court when necessary.
Looking ahead, Selig projected that a crypto market structure bill could land on President Donald Trump’s desk “in the next couple of months,” praising the president’s leadership and advocacy for the cryptocurrency industry.
