The United States has indicated that a long-anticipated regulatory framework for cryptocurrencies is forthcoming, following the US Senate’s confirmation of Michael S. Selig as the new Chairman of the Commodity Futures Trading Commission (CFTC).
Selig, a crypto-friendly lawyer with deep experience in both the public and private sectors, was sworn in on December 22, 2025.
Selig takes the Helm at CFTC amid push for comprehensive crypto rules
According to a Monday X post, David Sacks noted the US was at a “critical juncture” for crypto regulation, and that Selig and Securities and Exchange Commission Chair Paul Atkins made up a “dream team to define clear regulatory guidelines.” Sacks’ comments followed Selig’s statement that the US Congress was preparing to complete work on a bill regarding the crypto market structure.
Selig on X that they were at a unique moment as a wide range of novel technologies, products, and platforms are emerging, retail participation in the commodity markets is at an all-time high, and Congress is poised to send digital asset market structure legislation that will cement the US as the Crypto Capital of the World to the president’s desk.
Congress eyes landmark market structure bill to cement US crypto leadership
The market structure bill, known as the Responsible Financial Innovation Act in the Senate and building on the CLARITY Act passed by the House in July, remains under consideration but has been temporarily paused during the congressional recess.
The legislation aims to create a comprehensive framework for regulating digital assets, clarifying the roles of the SEC and CFTC, and addressing emerging technologies and DeFi platforms.
The Senate Banking Committee is expected to hold a markup in early January, paving the way for a potential floor vote as lawmakers seek to finalize rules that could position the US as a global leader in the cryptocurrency market.
The Senate confirmed Selig last week in a 53-43 vote as part of a package of nominees. It’s unclear when he will take over for acting CFTC Chair Caroline Pham, who is expected to leave the commission and join crypto company MoonPay following Selig’s confirmation. Reporters reached out to the CFTC and MoonPay for details on Pham’s departure, but had not received a response at the time of publication.
Even though the final text of the Senate’s market structure bill had yet to be finalized for a floor vote, drafts to date indicated that the legislation would give the CFTC more authority to regulate digital assets, a role previously held by the SEC.
Although some Republican leaders have stated that they are moving forward with the bill, other senators have raised concerns over DeFi, which could potentially slow progress.
The smartest crypto minds already read our newsletter. Want in? Join them.
