Michael Selig, chair of the U.S. Commodity Futures Trading Commission, said in a post on X that the United States cannot lead the new frontier of finance with outdated and ill-suited regulation. He said those rules are pushing economic activity overseas. Selig said that is why the CFTC has proposed a path that would let crypto exchanges opt into a federal regulatory framework designed for a nationwide market. According to his post, that framework would include strong customer protections and clear rules for margin trading. The statement was published through his X account, @ChairmanSelig. The remarks center on the need to revise the current regulatory approach rather than rely on rules he described as no longer fit for purpose.
Michael Selig, chair of the U.S. Commodity Futures Trading Commission (CFTC), said in a post on X that the United States cannot lead the new frontier of finance with outdated and ill-suited regulation. He said those rules are forcing economic activity to move overseas.
Selig said that is why the CFTC has proposed a path that would allow crypto exchanges to opt into a federal regulatory framework built for a nationwide market. He said the framework includes strong customer protections and clear rules for margin trading.
The comments were posted through his X account, @ChairmanSelig.
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