CFTC Chairman Michael Selig joins “Mornings with Maria” to discuss legislation regarding digital assets, prediction markets as well as regulation.
CFTC Chairman Michael Selig said the market structure bill before Congress would make the United States the “gold standard” for crypto regulation, arguing that clear rules are long overdue for digital asset markets.
Selig said the United States lacks clear oversight of digital assets and that the new legislation would provide a “symbolic taxonomy” and defined jurisdiction to move markets forward.
Crypto legislation could arrive on Trump’s desk “in the coming months,” CFTC Chairman Michael Selig said, promising clear regulatory rules for digital asset markets. (Andrew Harnik/Getty Images)
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“The goal (of this legislation) is just to get some clarity. These markets have languished for too long and they have fled overseas,” Selig said Wednesday on “Mornings with Maria.”
“Our country’s top builders, contractors and innovators are really looking, for the first time, at a system where we can have clarity, clear rules of the road, a symbolic taxonomy so we know what is safe and what is not.”
CFTC Chairman Michael Selig argues that most crypto assets should be treated as commodities and not securities because a pending market structure bill would clarify the rules after prolonged regulatory uncertainty. (Jakub Porzycki/NurPhoto via Getty Images)
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He said treating all digital assets as securities is an outdated approach and argued that many digital assets should be treated as commodities under CFTC oversight rather than securities subject to SEC jurisdiction.
Rules relating to prediction markets, including platforms like Polymarket and Kalshi, would also be clarified under the new legislation. Selig said the CFTC has been regulating these markets for more than 20 years and aims to “embrace” innovation in these spaces in the future.
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“We’re not going to be a merit regulator like the previous administration sought to do and ban these types of contracts before a political election. We’re going to embrace it,” Selig said. “We will set the rules of the road and we will also defend our authority in court if necessary.”
Selig predicted that a crypto market structure bill could be on President Donald Trump’s desk “in the coming months” and praised the president’s leadership and advocacy for the cryptocurrency industry.
