CFTC Chair Selig says crypto exchanges are interested in new rules — CNBC

U.S. Commodity Futures Trading Commission (CFTC) Chair Michael Selig said that major cryptocurrency exchanges and new market participants are interested in operating under the federal oversight framework proposed by the regulator. He said this in an interview with CNBC during the Cantor Convergence conference in Miami Beach.

According to Selig, many major crypto exchanges are already registered with the CFTC because they offer financial derivatives, including perpetual futures. Under the new model, they could add spot trading in digital assets to their platforms.

A federal alternative to state rules

Selig also reported interest from new companies. According to him, they view a federal CFTC license as an alternative to having to comply with regulatory regimes in 50 states.

In October, the CFTC proposed rules aimed at preventing abuses in cryptocurrency markets and establishing federal standards for digital asset transactions. On October 5, the regulator published an advance notice requesting comments on a mechanism for regulating retail transactions in cryptocurrency commodities.

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Regulators' actions after the bill stalled

In September, the Senate did not advance the Clarity Act bill, which envisaged a comprehensive framework for regulating the digital asset market. After that, the CFTC and the U.S. Securities and Exchange Commission began shaping federal approaches using existing statutory authorities.

Selig noted that the law allows regulators to register exchanges that intend to offer crypto assets with margin, leverage, or financing. For platforms that do not conduct such transactions, participation in the new oversight regime will be voluntary.

At the same time, the new CFTC rules may face increased scrutiny from Congress in 2027. Selig said he is ready to answer lawmakers' questions about the agency's work.