The United States is poised to solidify its regulatory stance on cryptocurrencies following the Senate”s confirmation of Michael S. Selig as the new Chairman of the Commodity Futures Trading Commission (CFTC). Selig, recognized for his supportive views on cryptocurrency and his extensive background in both government and private sectors, officially took office on December 22, 2025.
In a recent post on X, David Sacks emphasized that the country stands at a pivotal moment for cryptocurrency regulation. He characterized the collaboration between Selig and Securities and Exchange Commission (SEC) Chair Paul Atkins as a “dream team” tasked with establishing clear regulatory frameworks. Selig echoed this sentiment, indicating that the US Congress is nearing completion on legislation aimed at defining the structure of the crypto market.
Selig remarked on X that the current landscape is unique, with a surge in innovative technologies and platforms, and retail engagement in commodity markets reaching unprecedented levels. He suggested that Congress is preparing to forward pivotal legislation on digital asset market structure, which could position the US as the “Crypto Capital of the World.” This legislation is expected to be sent to the president soon.
The proposed market structure bill, dubbed the Responsible Financial Innovation Act in the Senate, builds upon the CLARITY Act, which passed in the House this past July. Although consideration of the bill has been temporarily stalled due to the congressional recess, it aims to establish a comprehensive regulatory framework for digital assets, providing clarity on the respective roles of the SEC and CFTC while tackling the challenges posed by emerging technologies and decentralized finance (DeFi) platforms.
The Senate Banking Committee is anticipated to convene for a markup session in early January, which could lead to a floor vote as lawmakers work to finalize regulations that may enable the US to take a leading role in the global cryptocurrency space.
Last week, Selig was confirmed by a vote of 53-43 as part of a broader package of nominations. His official start date is yet to be confirmed, as acting CFTC Chair Caroline Pham is expected to leave the commission for a position at MoonPay following Selig”s confirmation.
While the final text of the market structure bill remains pending, preliminary drafts suggest that the legislation would grant the CFTC expanded authority over digital assets, a regulatory role that has traditionally been under the SEC”s purview. Nevertheless, some Republican leaders have expressed their intention to advance the bill, while others have voiced concerns regarding DeFi, which may complicate its progress.
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