Newly confirmed Commodity Futures Trading Commission Chairman Michael Selig said Monday that Congress is close to passing long-awaited legislation setting rules for U.S. cryptocurrency markets, a move that could soon reach President Donald Trump’s desk.
Speaking after his confirmation as the 16th chairman of the CFTC, Selig said lawmakers were “ready” to advance a digital asset market structure bill, hinting at a shift in Washington to provide clearer oversight of crypto trading and related products.
“Congress is poised to send digital asset market structure legislation to the president’s desk that will cement the United States as the crypto capital of the world,” he wrote.
Selig was confirmed by the U.S. Senate last week following a confirmation process. He thanked President Trump for nominating him to lead the agency and said the CFTC was entering a new phase as technology reshapes financial markets.
Retail participation in commodities and derivatives markets is now at record levels, while new digital platforms and products continue to emerge, Selig said. He added that these changes increase the need for clear and practical rules to protect market stability.
The proposed legislation would define how digital assets are regulated in the United States and clarify the role of the CFTC alongside the Securities and Exchange Commission. Supporters of the bill say it would help the United States remain competitive as other countries move forward with crypto regulation.
Selig said the CFTC is well-positioned to oversee these changes and provide what he calls “common-sense rules” for evolving markets. He also praised current and former regulators for guiding the agency through a period of transition.
Under his leadership, Selig said the CFTC would focus on maintaining safe and orderly markets while allowing innovation to flourish within a clear regulatory framework.
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