Selig: CFTC must act now on crypto rules

Selig urged the Commodity Futures Trading Commission to finalize rules for digital-asset markets, saying regulators need to move quickly to give clearer guidance to exchanges, clearinghouses and intermediaries.

In public remarks, he pressed the agency to set rulemaking and enforcement priorities that address market integrity, customer protections and the growing complexity of crypto products. He called for clearer standards that market participants can follow.

He warned that crypto markets now include spot trading, tokenized assets, derivatives and stablecoins, each of which raises different regulatory questions. The CFTC should clarify which activities fall under its authority, strengthen surveillance of trading venues and consider rules on custody and transparency, he said.

The CFTC has authority over futures, swaps and other commodity derivatives and has increased enforcement against fraud and manipulation involving digital assets in recent years. Selig argued that faster rulemaking would narrow gaps between enforcement actions and clear, prospective rules for firms that serve crypto customers.

Pointing to litigation and regulatory uncertainty, he noted firms remain unsure how to comply across different agencies. Clearer CFTC regulations could reduce legal disputes and help market participants design products that meet consumer protection and market integrity standards, he added.

He urged coordination with other federal regulators to avoid overlapping or inconsistent requirements. Some industry groups have asked Congress to define federal roles, but Selig said the CFTC should use its existing tools now rather than wait for new legislation.

“Go time,” he repeated, emphasizing urgency and saying timely action would provide firms with clearer lines to follow as digital-asset markets continue to develop.