CFTC Chairman Michael Selig says major crypto exchanges and new market entrants are already showing interest in registering under the agency's newly proposed federal framework for digital assets, following the Senate's failure to advance the Clarity Act in September.
The Commodity Futures Trading Commission is already drawing interest from major crypto exchanges eager to operate under its newly proposed federal rulebook, Chairman Michael Selig said Friday, even as prospects for comprehensive congressional legislation have dimmed.
Speaking at Cantor Convergence, an annual fintech conference held in Miami Beach, Selig told CNBC in an exclusive interview that many large crypto exchanges are already registered with the agency because they offer financial derivatives — including perpetual futures — on their platforms, and would now be able to add spot trading under the CFTC's proposed framework.
The CFTC published an advance notice on October 5 seeking comment on a framework for retail crypto commodity transactions, following the Senate's failure to advance the Clarity Act on September 15. That bill would have established a comprehensive regulatory structure for digital assets.
"We're also getting interest from new entrants who say, 'Look, signing up with 50 different state regimes is tough. We'd rather come to one regulator and get a license at the CFTC' so those new entrants are lining up to come register with us as well," Selig said.
Selig described the CFTC's October rulemaking as a "critical step" in ensuring the United States remains what he called the crypto capital of the world. The proposed rules are aimed at preventing abuse in crypto markets and codifying digital asset transaction rules under a single federal framework.
He noted that the opt-in oversight structure is specifically designed for exchanges not currently offering margin, leveraged, or financed products — categories not permitted under existing state regimes.
"Our statute does provide for authority of the agencies to register exchanges that want to offer margined, leveraged, or financed crypto assets or other types of commodity trading so we're utilizing that authority to allow our existing exchanges to begin offering these products under a regulated framework," Selig said.
The CFTC's move came in parallel with the SEC, which also began establishing a federal framework using its existing statutory authorities after the Clarity Act stalled. That legislative failure followed years of tension between crypto firms and federal regulators, particularly during the Biden administration, when the SEC under former Chair Gary Gensler pursued multiple enforcement actions against digital asset companies.
The new CFTC rules could face a changed political environment in 2027. Democrats' gains in the 2026 midterms are expected to bring greater congressional scrutiny of crypto regulation and President Donald Trump's crypto ties. Selig, when asked whether he is prepared for increased oversight, said, "Congress will do its job investigating where it needs to investigate," adding that he is prepared to answer questions just as he has before hearing committees.
Selig also addressed an ongoing dispute over prediction markets, where 23 Democratic senators sent him a letter in February urging him to reverse the agency's approval of those platforms. The CFTC has sued several states to defend what it regards as its exclusive jurisdiction over event contracts, which it classifies as swaps.
"We're going to fight this up to the Supreme Court if that's where it's going," Selig said. "Our view on the statute is that we have exclusive jurisdiction over these markets, and I will not allow for states to go bring lawsuits against our exchanges, claiming that they're unlicensed gambling."
With legislation stalled and a shifting congressional balance of power on the horizon, the CFTC's opt-in rulemaking framework now represents the primary federal pathway for crypto exchanges seeking regulatory clarity — at least for the near term.
Marc Sabatini is a staff writer at TechEchelon covering enterprise software, cybersecurity, and the regulatory beats that shape both. He focuses on the deal flow and policy decisions that move markets.
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