Commodity Futures Trading Commission Chair Mike Selig announced that the agency is gearing up for an industry shift toward “24-7, on-chain” markets.
During a Wednesday interview with CNBC, the agency head expressed that overseeing sectors involving artificial intelligence and cryptocurrency presents an exhilarating challenge.
The CFTC continues to advance its rulemaking agenda for the cryptocurrency sector rapidly, even after lawmakers halted the much-anticipated Clarity Act last week. Following the outcome of that key digital asset vote, Selig emphasized that the regulatory watchdog remains committed to helping U.S. President Trump “get the job done” regarding digital asset oversight.
“Our markets are rapidly evolving,” Selig noted. “We really have to reevaluate all of our rules and regulations to make sure that we’re ready and prepared for this transition to 24-7 on-chain and these automated markets that are facilitated through the use of algorithms and agentic finance.”
The Clarity Act aims to establish a clear jurisdictional boundary between regulatory bodies by clarifying whether specific digital assets qualify as commodities, securities, or stablecoins.
However, the legislation lost momentum this year due to objections from the banking lobby concerning crypto firms offering stablecoin rewards to users, alongside ethical concerns raised by certain lawmakers, predominantly Democrats.
During his campaign, Trump secured financial support from prominent cryptocurrency executives, and his family has generated revenue from digital asset projects since he took office.
While some members of Congress have pointed to potential conflicts of interest, the White House has consistently rejected allegations of any misconduct.
Even with lawmakers stalling the Clarity Act, both the CFTC and the Securities and Exchange Commission have continued formulating rules. Last week, the CFTC submitted a regulatory proposal for crypto transactions and markets to the White House.
During that same week, the SEC authorized the trading of tokenized stocks. Furthermore, in August, the SEC introduced its own regulatory framework for crypto asset offerings, moving forward independently while the major legislative bill remained stalled.
Selig previously served as chief counsel for the SEC’s Crypto Task Force. David Sacks, the White House Crypto and AI Tsar, has credited Selig with playing an “instrumental in driving forward the President’s crypto agenda” role.
In August, President Trump called on lawmakers to pass the Clarity Act, describing the proposed legislation as “very, very powerful.”
What did CFTC Chair Mike Selig announce regarding markets?
CFTC Chair Mike Selig stated that the regulator is preparing for a transition to “24-7, on-chain” markets and automated systems driven by algorithms and agentic finance.
Why did the Clarity Act stall in Congress?
The bill stalled due to banking lobby opposition over crypto companies offering stablecoin rewards and ethical concerns raised primarily by Democratic lawmakers.
How are regulators responding while the Clarity Act is stalled?
Despite the legislative setback, both the CFTC and the SEC are aggressively pursuing their own rulemaking and proposals for crypto transactions, tokenized stocks, and asset offerings.
Who is Mike Selig?
Mike Selig is the Commodity Futures Trading Commission Chair and the former chief counsel at the SEC’s Crypto Task Force, praised by White House Tsar David Sacks for advancing the President’s crypto agenda.
