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CFTC's Selig Ends Regulation by Enforcement, Sets Crypto Rules Solo
CFTC Chair Mike Selig, the agency's only commissioner, promises rule-based oversight for crypto and prediction markets, ending the enforcement-first approach.
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Commodity Futures Trading Commission Chair Mike Selig, the agency's only sitting commissioner, said crypto markets have operated under uncertainty for too long. He promised clear rules over enforcement as he steers U.S. crypto policy alone.
Selig, confirmed in December 2025, used remarks this week to draw a line under the previous regulatory approach. “For too long, crypto markets have operated under uncertainty,” he said. The agency is “not regulating by enforcement and opaque rules,” he added.
The message repeats a stance he has taken since taking office. His Project Crypto agenda argued that a “decelerationist” approach treated innovation as a threat, “resulted in regulation by enforcement and forced American innovators to flee the U.S. and build beyond our borders.” He has separately warned that “arbitrary, cumbersome and opaque rules will not stand the test of time,” casting the moment as a chance for a golden age under clearer digital-asset rules.
Selig said the Enforcement Division should focus on fraud, manipulation and insider trading rather than setting policy through litigation. The pledge mirrors a broader Washington pivot: the CFTC and the Securities and Exchange Commission recently issued a joint statement clarifying how federal securities laws apply to crypto assets.
Selig’s promise carries unusual weight because he is the CFTC’s only sitting commissioner. Authority over crypto assets, prediction markets and derivatives is concentrated in his hands, a power normally divided among five commissioners.