Last week, Michael Selig was officially appointed as the 16th chairman of the CFTC. In a statement on X, he reiterated his pro-crypto stance. Here’s a closer look at his comments.
CFTC chairman revisits crypto regulation
Last week, we reported on the US Senate vote confirming Michael Selig’s appointment as chairman of the Commodity Futures Trading Commission (CFTC).
Caroline Pham, who had been acting in this role since January 20, praised the new chairman’s “pragmatic and common-sense” approach. In a statement on X, in which he offers the customary greetings upon taking up an important position, he also announces the beginning of a “new chapter for the CFTC.”
He thus renews his pro-crypto stance, notably by referring to the CLARITY Act, a regulatory framework dedicated to cryptocurrencies scheduled for January:
We are living in a unique moment, marked by the emergence of a multitude of innovative technologies, products, and platforms, unprecedented participation by individuals in commodity markets, and the moment when Congress is preparing to submit to the President a bill regulating the structure of the digital asset market, which will consolidate the United States’ position as the global capital of cryptocurrencies.
Michael Selig goes on to argue that no one is better positioned than the CFTC to “define common-sense rules governing the new financial markets of America’s golden age” and promises that the agency will “explore these new horizons and ensure that tomorrow’s innovations are born in the United States.”
In just one year, the United States has already managed to catch up on any ground it may have lost in cryptocurrencies when Joe Biden’s administration was still in power. At the heart of this hegemony, the Securities and Exchange Commission (SEC) is often seen as the benchmark when it comes to regulation. With this renewal at the CFTC, we could therefore see greater sharing of these initiatives in the coming months.
