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CFTC Chairman Michael Selig has pledged to help reshape regulations for onchain finance during Chainlink\u2019s Link:NYC event, as the agency develops a federal registration pathway for crypto trading platforms.<\/p>\n
\n Summary<\/span>\n <\/p>\n <\/p>\n Chainlink\u2019s official event updates<\/a> attributed the remarks to Selig at the Oct. 29 gathering, where he praised companies working on blockchain-based financial markets.<\/p>\n In the statement published by the event organizer, Selig said the future of onchain finance could be determined by discussions taking place at the conference. He expressed the agency\u2019s support for companies developing the sector and its willingness to help reshape the applicable regulations.<\/p>\n \u201cWe\u2019re excited to play a role in reshaping regulations for this ecosystem,\u201d Selig said.<\/p>\n<\/blockquote>\n His appearance follows an October consultation on how crypto platforms could operate within a federal framework. As crypto.news previously reported, the agency is developing a voluntary registration pathway<\/a> using its existing statutory authority while Congress has yet to enact a crypto market-structure law.<\/p>\n The Oct. 26 report described plans for exchanges offering leveraged, margined or financed retail crypto transactions. It identified customer funds, token listings, conflicts of interest and proof of reserves among the safeguards being considered for participating venues.<\/p>\n Published as an advance notice of proposed rulemaking, the consultation seeks public input before possible future rules. The agency opened the process on Oct. 5, and the notice\u2019s Federal Register publication sets Dec. 14, 2026, as the comment deadline.<\/p>\n <\/p>\n During his Oct. 5 Fordham remarks<\/a>, Selig described three categories of exchanges with different regulatory obligations. Ordinary spot venues generally operate under state money-transmission laws, while remaining subject to the CFTC\u2019s anti-fraud and anti-manipulation authority.<\/p>\n Platforms offering retail customers margined, leveraged or financed crypto transactions fall into a separate category requiring CFTC registration, he said. Exchanges offering perpetual contracts and other derivatives occupy a third category under the agency\u2019s jurisdiction.<\/p>\n Selig acknowledged that only Congress can require all crypto exchanges to register with the commission. His proposed approach would give qualifying platforms a federal route based on the services they offer.<\/p>\n The contemplated crypto asset market designation, known as CAM, would be a subcategory of designated contract market. Selig said platforms offering futures, options or swaps would remain subject to the existing designated contract market framework.<\/p>\n His speech separately described work on a policy for software developers who do not solicit orders, control execution or hold customer assets. Staff was directed to examine how onchain venues operate and where control resides.<\/p>\n The agency\u2019s October consultation announcement<\/a> seeks feedback on Regulation Crypto Asset Transactions, or CTX, and Regulation Crypto Asset Markets. Earlier coverage of the federal crypto trading<\/a> proposals distinguished the consultation from an adopted market-wide framework.<\/p>\n The release grounds the planned rules in Section 2(c)(2)(D) of the Commodity Exchange Act. It asks how a national regime could prevent abusive practices, explain crypto-specific compliance expectations, and establish the CAM registration category through rulemaking.<\/p>\n In his statement accompanying the consultation, Selig said the commission wanted regulations capable of preventing fraudulent schemes before customers suffered losses. The agency said information received during the consultation would inform potential future action.<\/p>\n Written submissions would be publicly posted, giving market participants an opportunity to comment on both the transaction rules and the proposed platform designation.<\/p>\n Cooperation with the SEC predates the October exchange consultation. In a March 17 announcement<\/a>, the securities regulator published an interpretation addressing how federal securities laws apply to certain crypto assets and transactions.<\/p>\n The CFTC joined that interpretation with guidance that it and its staff would administer the Commodity Exchange Act consistently with the SEC\u2019s interpretation. Both agencies described the action as part of their work to give market participants clearer treatment under existing law.<\/p>\n SEC Chairman Paul Atkins said the interpretation recognized that most crypto assets are not themselves securities and that investment contracts can come to an end. He described the guidance as a bridge while Congress worked on market-structure legislation.<\/p>\n Selig\u2019s accompanying statement committed the two regulators to workable, harmonized regulations. The announcement addressed asset and transaction classifications without presenting the October CAM registration framework as an already available license.<\/p>\n\n\n
CFTC Chair Selig promises work on onchain finance<\/h2>\n
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Crypto exchange plans distinguish spot trading from leverage<\/h2>\n
SEC cooperation includes guidance on crypto asset status<\/h2>\n
Prediction markets remain subject to manipulation scrutiny<\/h2>\n