CFTC Chairman: Pending Market Structure Bill Will Make U.S. ‘Gold Standard’ in Crypto Regulation
By Max Bacall, Fox Business
February 3, 2026
In a recent interview on Mornings with Maria, Commodity Futures Trading Commission (CFTC) Chairman Michael Selig expressed strong optimism about a pending piece of cryptocurrency legislation currently making its way through Congress. He stated that the proposed market structure bill would position the United States as the “gold standard” for digital asset regulation, providing long-awaited clarity to the rapidly evolving crypto markets.
A Long-Overdue Regulatory Framework
Selig emphasized that the U.S. has historically lacked clear, cohesive oversight for digital assets, a gap that has allowed significant regulatory uncertainty to persist. “It’s been too long with these markets just languishing, and they’ve fled offshore,” he said. According to Selig, the new legislation aims to establish a “token taxonomy” — a clear classification system that defines which crypto assets qualify as securities versus commodities — and delineate jurisdictional boundaries among regulatory bodies.
“The goal is just to get some clarity,” Selig asserted. “Our country’s best builders, entrepreneurs and innovators are really, for the first time, looking at a system where we can have clear rules of the road.”
Commodities vs. Securities: A Fundamental Shift
One of the critical points Chairman Selig made concerns the classification of most digital assets. He argued against treating all crypto tokens as securities, calling such an approach outdated. Instead, he advocated for many digital assets to be regulated as commodities under the CFTC’s jurisdiction, rather than as securities overseen by the Securities and Exchange Commission (SEC).
This distinction is notable, as it could affect how cryptocurrencies are overseen, introducing a regulatory model more tailored to the unique characteristics of blockchain-based assets. Selig emphasized that many crypto assets align better with commodities regulation, a viewpoint that marks a potential shift in U.S. regulatory philosophy.
Regulation for Prediction Markets and Innovation
The proposed bill would also clarify rules regarding prediction markets, including platforms like Polymarket and Kalshi, which currently operate in a somewhat uncertain legal environment. The CFTC has regulated prediction markets for over 20 years and Selig highlighted the agency’s commitment to encouraging innovation in these digital marketplaces rather than imposing outright bans.
“We’re not going to be a merit regulator as the prior administration sought to do and ban these types of contracts ahead of a political election,” he stated. “We’re going to embrace it, set the rules of the road, and defend our authority in court where necessary.”
Timeline and Leadership
Projecting a swift legislative process, Chairman Selig predicted that the crypto market structure bill could reach President Donald Trump’s desk “in the next couple of months.” He praised President Trump’s leadership and strong advocacy for clearer cryptocurrency regulation.
The bill’s progression arrives amid concerns that the U.S. risks falling behind other global competitors in establishing a robust regulatory framework for digital assets. Clear, balanced regulation is expected to foster innovation domestically while protecting investors and maintaining market integrity.
In Summary:
- CFTC Chairman Michael Selig says a market structure bill will make the U.S. the “gold standard” for crypto regulation.
- The legislation aims to provide clear classification (“token taxonomy”) and jurisdictional clarity for digital assets.
- Selig advocates treating most crypto assets as commodities under CFTC oversight, moving away from the SEC’s securities-focused approach.
- The bill will also clarify rules around prediction markets and promote innovation.
- The legislation could reach President Trump’s desk within months, signaling a crucial moment for U.S. crypto policy.
For the full interview and ongoing updates on cryptocurrency regulation, visit Fox Business.
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