@ChairmanSelig says it is "go time" for crypto rules, and the @CFTC is not waiting on Congress to move first. Rules With or Without Legislation Speaking at the U.S. Treasury Market Conference
@ChairmanSelig says it is "go time" for crypto rules, and the @CFTC is not waiting on Congress to move first.
Speaking at the U.S. Treasury Market Conference hosted by the New York Fed on September 22, CFTC Chairman Michael Selig made clear the agency intends to act on crypto market structure regardless of what happens on Capitol Hill. In a CNBC interview on September 23, Selig declared it was "go time" for crypto rules, signalling the agency would press ahead using its existing statutory authority.
Selig had already put staff on notice at the August 20 inaugural meeting of the CFTC's Innovation Advisory Committee, saying that if the Clarity Act stalled, "the CFTC will utilize its existing authorities to begin establishing a regime for crypto asset markets." That moment arrived quickly. On September 15, the Clarity Act, which aimed to split crypto oversight between the CFTC and the Securities and Exchange Commission (SEC), failed a Senate cloture vote 49-50, falling well short of the 60 needed to advance.
Two days later, the CFTC acted. On September 17, the agency sent two proposals, titled "Regulation Crypto Asset Transactions" and "Regulation Crypto Asset Markets" (RIN 3038-AF80), to the White House Office of Information and Regulatory Affairs (OIRA) for review. The filing is currently listed at the prerule stage, meaning the text is not yet public, but it marks the first concrete regulatory step toward a CFTC-led crypto market framework built on existing law.
Beyond the rulemaking push, Selig has outlined a broader modernisation agenda. He has said regulators must prepare for "mass tokenization" and adapt to blockchain and artificial intelligence, arguing that financial markets could see more change over the next decade than in the past several decades. He said tokenized real-world assets could enable near-instant settlement and real-time movement of collateral between clearinghouses, intermediaries, and end users. The CFTC has also expanded eligible collateral to include certain payment stablecoins issued by national trust banks.
On 24/7 trading, the agency has sought public comment on extending certain derivatives markets to around-the-clock operation, and issued guidance in May 2026 covering continuous trading, clearing, and settlement. Selig noted that crypto and precious metals may currently be suited to 24/7 markets, while agricultural products, energy contracts, and some financial products may not be ready for that structure.
On the AI front, the CFTC's Innovation Task Force announced on September 21 the launch of the Frontier Forum series, a new programme of public roundtables on technologies transforming U.S. financial markets. The inaugural forum, scheduled for October 28, 2026, will focus specifically on artificial intelligence and agentic finance. "The technologies transforming our markets are rapidly advancing, and the CFTC must engage directly with the people building, using, and studying them," Selig said in the announcement.
Sources:CFTC: Innovation Task Force to Host Frontier Forum Series on Innovative Financial TechnologiesThe Defiant: CFTC Files Crypto Market Rulemaking With White House at Prerule StagePYMNTS: CFTC Examines Agentic AI's Growing Role in Finance
