After Michael Selig confirmed it, David Sacks, an official at the White House, indicated that the SEC and CFTC were going to give “clear regulatory guidelines” for digital assets.
On Monday, David Sacks wrote on X that the US was at a “critical juncture” for crypto regulation. He added that Selig and Securities and Exchange Commission Chair Paul Atkins formed a “dream team to define clear regulatory guidelines.” Sacks explained his comments by stating that Selig mentioned the US Congress was preparing to finalise a measure regarding the structure of the crypto market.
Selig said on X, “We are at a unique moment as a wide range of new technologies, products, and platforms are emerging, retail participation in the commodity markets is at an all-time high, and Congress is about to send digital asset market structure legislation to the president’s desk that will make the US the Crypto Capital of the World.”
Crypto market structure bill could expand CFTC authority
The Senate is looking at the market structure plan, which is dubbed the Responsible Financial Innovation Act. It builds on the CLARITY Act that the House of Representatives enacted in July. However, the bill is on hold for the holiday season while Congress is on break. Before a possible floor vote, the Senate Banking Committee is likely to undertake a markup on the bill in early January.
Last Monday, the Senate voted 53 to 43 to confirm Selig as part of a group of candidates. When he will take over for acting CFTC Chair Caroline Pham is not certain. After Selig is confirmed, Pham is expected to quit the commission and work for the crypto business MoonPay. Cointelegraph asked the CFTC and MoonPay for more information about Pham’s departure, but they hadn’t heard back by the time this article was published.