The U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) are advancing joint rulemaking to establish durable crypto regulations, according to CFTC Chair Mike Selig. Speaking on the coordinated effort with SEC Chair Paul Atkins, Selig emphasized that joint rules reduce the risk of reversal across administrations and anchor regulatory consistency. He noted that reversing such rules would require agreement from both agencies, citing the Dodd-Frank framework as a model for multi-agency coordination.
Selig stressed that legislation remains the most durable path for crypto oversight and pointed to ongoing support for the CLARITY Act. He confirmed that the Genius Act has already been signed into law, establishing a stablecoin framework within U.S. markets and enabling broader participation across financial systems. The CFTC has started updating its rules to reflect stablecoin usage, allowing stablecoins in collateral, margin, and capital frameworks. Selig criticized reliance on no-action letters in past regulatory approaches, stating these informal tools created uncertainty and slowed market development. He emphasized the need to convert such guidance into formal rules, which carry more weight and resist sudden policy reversals.
Additionally, Selig rejected claims that insider trading is widespread on prediction markets, highlighting enforcement actions taken during his first 100 days, including upgraded monitoring systems and prosecution of violators under federal law. His remarks responded to a Wall Street Journal opinion piece describing prediction markets as loosely regulated betting platforms.
Meanwhile, The Digital Chamber, a global blockchain industry trade association, submitted a formal comment letter to the SEC and CFTC following their joint interpretive statement on federal securities laws. The organization outlined targeted recommendations to refine how securities regulations apply to digital assets and blockchain transactions. Key areas include greater transparency around the concept of an “investment contract,” clear criteria for third-party buyers and token issuers to determine when a token qualifies as part of an investment contract and when such a contract ends, and guidance on how decentralization definitions interact with issuer-network separation. The Chamber also identified post-sale communications as a critical gap, recommending a regulatory safe harbor for ordinary network updates to avoid re-triggering securities obligations. The group commended both agencies for their commitment to building a transparent regulatory structure.
