ChainCatcher report: CFTC Chairman Mike Selig, during an appearance on the All-In Podcast, said, “My original motivation for entering the U.S. government was to help shape transition policies that ensure we have appropriate rules and regulations for emerging innovative technologies and financial products. Therefore, one of my key priorities is the crypto asset market. As listeners may be aware, there are currently some legislative efforts underway, and we aim to collaborate with David Sacks to advance this legislation for the President’s signature. This will be a critical step. Once enacted, the CFTC will have broad regulatory authority over spot markets, and we are prepared to implement these rules immediately upon passage. Another priority on our agenda is modernizing and upgrading the rules and regulations governing on-chain software systems, blockchain networks, and other digital asset products. Regardless of legislative progress, it is essential to establish forward-looking rules and regulations that can adapt to today’s and tomorrow’s innovations. This extends beyond blockchain to include artificial intelligence and other technological advancements. Consequently, there is still much to adjust within our regulatory framework to ensure it can accommodate these innovations. The CFTC is working with the SEC to develop a memorandum of understanding; both agencies are finalizing and implementing this agreement to share information and coordinate actions on specific issues, ensuring that jurisdictional conflicts do not arise again in the future. Of course, this coordination begins at the highest levels. We must clearly define regulatory boundaries to prevent market participants from being subject to overlapping regulatory frameworks. Another area requiring attention is crypto assets. We have blockchain networks, smart contracts, and protocols that host both securities and non-securities transactions across multiple jurisdictions. We must ensure consistent standards—because if securities use one blockchain and commodities use another, with no interoperability between them, it simply won’t work.”
U.S. CFTC Chair Discusses Regulatory Coordination with SEC on Crypto Assets
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Summary
U.S. CFTC Chair Mike Selig said in an interview with the All-In Podcast that the CFTC is collaborating with the SEC to draft a Memorandum of Understanding (MOU) to clarify regulatory responsibilities. He emphasized the need to modernize rules for blockchain and digital assets. Selig also highlighted the importance of avoiding conflicting regulations across jurisdictions. The CFTC is focusing on aligning its efforts with CFT priorities while supporting risk-on assets.
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