CFTC Chairman Selig Outlines Regulatory Plans for Crypto Industry

CFTC Chairman Mike Selig has been making significant moves in regulating the crypto industry. At the recent Consensus conference, he discussed the joint SEC-CFTC taxonomy that defines what kind of asset everything is, effectively putting the Howey Test to rest.

This regulatory shift is considered one of the most consequential in crypto history. The new framework aims to provide clarity on the classification of digital assets, which will have a significant impact on the industry.

Selig also made the case for why prediction markets should be under federal jurisdiction, not state gaming commissions. He emphasized that this would allow for more efficient and effective regulation.

As the sole commissioner on a five-member body, Selig is moving quickly to implement rulemaking and AI-powered market surveillance. These efforts are aimed at cementing the US as the global home for crypto innovation.