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CFTC chair says agency is preparing for 24-7 on-chain markets
Mike Selig said the CFTC is moving ahead with crypto rulemaking even after lawmakers blocked the Clarity Act.
CFTC Chair Mike Selig said the agency is preparing for 24-7 on-chain crypto markets, highlighting rapid changes in how digital assets trade and how algorithm-driven automation could reshape oversight. Speaking to CNBC on Wednesday, Selig described the current period as an “exciting” time for the CFTC to regulate crypto and artificial intelligence markets.
Selig said the CFTC would continue advancing rulemaking despite lawmakers last week blocking the long-awaited Clarity Act, which would have formally divided regulatory oversight between securities, commodities, and stablecoins. He added that the watchdog would still help the Trump administration “get the job done” in regulating digital assets.
The article says the Clarity Act stalled as banking industry concerns surfaced around crypto companies paying customers stablecoin rewards, and some lawmakers raised questions about ethics. It also notes ongoing scrutiny from lawmakers alleging conflicts of interest, which the White House denies.
The report adds that, even without passage of the act, the CFTC and Securities and Exchange Commission have pressed forward, including a proposal sent by the CFTC to the White House to regulate crypto transactions and markets and the SEC’s approval of tokenized stocks trading in the same week. In August, the SEC also proposed a framework for crypto asset offerings.