Oct 8, 2026 · 47 min
CFTC builds crypto rules after Congress stalls
Mike Selig: The CFTC's New Rules for Crypto
The regulatory framework taking shape without the Clarity Act could determine how exchanges, investors, and digital-asset markets operate across administrations.
- 1The CFTC and SEC are using existing authority to create a federal registration framework for crypto exchanges.
- 2Selig distinguishes Bitcoin, Ether, and Solana from meme coins while emphasizing surveillance, custody, and consumer protection.
- 3Durable bipartisan rules could expand Bitcoin’s role as collateral while reducing the risks exposed by FTX’s collapse.
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Selig argues that crypto rules should survive changes in administration and benefit users across the political spectrum.
The brief
CFTC Chairman Michael Selig explains how the agency and SEC plan to clarify crypto-market rules after the Clarity Act failed to advance, relying on existing authority rather than waiting for Congress.
Selig proposes a voluntary, tailored federal registration system for exchanges, arguing that state money-transmitter regimes and the previous administration’s invitation to register left major gaps.
The interview weighs surveillance against self-custody, asking how regulators can monitor globally traded markets without turning centralized platforms into barriers to holding digital assets.
After FTX, Selig frames consumer protection as a reason for clear federal rules, while criticism of making America the crypto capital tests whether regulation serves users or industry.
Selig separates meme coins from Bitcoin, Ether, and Solana, and says builders should prioritize useful technology over speculation and politically associated tokens.
The closing argument is institutional: coordinated rules from the CFTC, SEC, banking regulators, Treasury, and FinCEN should survive changes in administration and support Bitcoin as collateral.