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Newly confirmed Commodity Futures Trading Commission Chairman Michael Selig said on Monday that Congress is close to passing long-awaited legislation to set rules for U.S. cryptocurrency markets, a move that could soon reach President Donald Trump’s desk.
Speaking after his confirmation as the CFTC’s 16th chairman, Selig said lawmakers were “poised” to advance a digital asset market structure bill, hinting at a shift in Washington to provide clearer oversight of crypto trading and related products.
“Congress is poised to send digital asset market structure legislation that will cement the U.S. as the Crypto Capital of the World to the President’s desk,” he wrote.
Selig was confirmed by the U.S. Senate last week following a confirmation process. He thanked President Trump for appointing him to lead the agency and said the CFTC is entering a new phase as technology reshapes financial markets.
Retail participation in commodity and derivatives markets is now at record levels, while new digital platforms and products continue to emerge, Selig said. He added that these changes increase the need for clear and practical rules to protect market stability.
The proposed legislation would define how digital assets are regulated in the United States and clarify the CFTC’s role alongside the Securities and Exchange Commission. Supporters of the bill say it would help the U.S. remain competitive as other countries move ahead with crypto regulation.
Selig said the CFTC is well positioned to oversee these changes and provide what he called “common-sense rules” for evolving markets. He also praised current and former regulators for guiding the agency through a period of transition.
Under his leadership, Selig said the CFTC would focus on maintaining secure and orderly markets while allowing innovation to develop within a clear regulatory framework.