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CFTC Chairman Michael Selig joins ‘Mornings with Maria’ to discuss digital asset legislation, prediction markets and regulation.
CFTC Chairman Michael Selig Says Market Structure Bill Passing Congress Will Make US The ‘Gold Standard’ cryptographic regulationarguing that clear rules for digital asset markets are long overdue.
Selig said the United States lacked clear oversight of digital assets and that the new legislation would provide “token taxonomy” and define jurisdiction to move markets forward.
Crypto legislation could reach Trump’s desk “within the next two months,” CFTC Chairman Michael Selig said, promising clear regulatory rules for digital asset markets. (Andrew Harnik/Getty Images)
“The point (of this legislation) is just to get some clarity. It’s been too long with these markets languishing and they’ve run offshore,” Selig said Wednesday on “Mornings with Maria.”
“Our country’s best builders, entrepreneurs and innovators are really, for the first time, looking at a system where we can have clarity, clear rules of the road, a symbolic taxonomy so we know what’s safe and what’s not.”
CFTC Chairman Michael Selig argues that 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)
He said that treating all digital assets as securities is an outdated approach and argued that many digital assets they should be treated as commodities under the supervision of the CFTC rather than securities subject to the jurisdiction of the SEC.
Rules for prediction markets, including platforms such as 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 going forward.
Coinbase Chief Legal Officer Paul Grewal discusses the importance of cryptocurrency legislation as President Donald Trump voices support for the Clarity Act on ‘Morning with Mary’.
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“We’re not going to be a merit regulator like the previous administration tried to do and ban these types of contracts before a political election. We’re going to accept that,” Selig said. “Let’s do it establish traffic rules and we will also defend our authority in court when necessary.”
Selig projected that a crypto market structure bill could be in the president Donald Trump’s desk “in the next couple of months” and praised the president’s leadership and advocacy on behalf of the cryptocurrency industry.
