CFTC Chair Mike Selig said the agency is working with SEC Chair Paul Atkins on joint rulemaking designed to give U.S. crypto regulation more staying power. In his view, rules adopted by both agencies are harder to unwind across administrations because any reversal would require alignment from the CFTC and the SEC, not just a change in interpretive posture at one regulator.
Joint rules seen as a way to reduce policy reversals
Selig said coordinated rulemaking can anchor consistency in crypto oversight. He pointed to the Dodd-Frank framework as an example of how multi-agency coordination can be structured. His argument was clear: formal rules and legislation carry more durability than informal agency interpretations, which can shift more easily and create uncertainty for market participants.
He also said legislation remains the strongest option for long-term stability. According to Selig, regulatory standards ultimately need to be codified by lawmakers. He cited continuing support for the CLARITY Act as part of that effort. He also confirmed that the Genius Act has already been signed into law, adding that it establishes a stablecoin framework in U.S. markets and opens the door to broader participation across financial systems.
Stablecoins added to collateral, margin and capital frameworks
Selig said the CFTC has started updating its rules to reflect how stablecoins are already used in the market. The agency now allows stablecoins within collateral, margin, and capital frameworks. He said the changes are intended to bring regulatory policy into line with market practice rather than leave key treatment questions to informal signals.
He criticized past reliance on no-action letters, saying those tools created uncertainty and slowed development. In his account, converting informal guidance into formal rules gives the market clearer compliance standards and gives regulators a firmer basis for enforcement. Guidance may signal intent. It does not carry the same weight as enforceable rule text.
Selig pushes back on prediction market criticism
Selig also addressed criticism of prediction markets. He rejected claims that insider trading is widespread on those platforms and said enforcement rules are already clear and actively applied. His comments came in response to a Wall Street Journal opinion piece that described prediction markets as loosely regulated betting venues, a characterization he said does not match the actual oversight in place.
He also highlighted actions taken in his first 100 days in office, including upgrades to monitoring systems and enforcement cases against violators. According to Selig, individuals who trade using inside information can be prosecuted under federal law.