Commodity Futures Trading Commission (CFTC) Chairman Michael Selig told the U.S. Treasury Market Conference at the Federal Reserve Bank of New York on September 22, 2026, that U.S. financial infrastructure must prepare for mass tokenization, blockchain adoption and 24/7 trading. He stated that blockchain and artificial intelligence could reshape markets more over the next decade than over several previous decades combined.
His remarks follow a year of regulatory groundwork. The CFTC has sought public feedback on continuous trading frameworks for energy derivatives, and in February 2026 it expanded eligible collateral to include stablecoins issued by national trust banks. Selig said the agency will continue evaluating ways to support responsible stablecoin use by derivatives exchanges, clearinghouses and institutional traders, aligning with administrative policy directives to strengthen domestic trading venues.
On September 17, 2026, the Securities and Exchange Commission approved a temporary, conditional exemption allowing certain Tokenized Securities Venues to trade tokenized U.S.-listed stocks through permissioned onchain systems. The framework permits approved venues to use automated market makers and liquidity pools while meeting transparency, recordkeeping and technology requirements. SEC Chair Paul Atkins described the exemption as a bridge toward longer-term rulemaking rather than a permanent regulatory structure.
Both agencies are moving forward while broader market-structure legislation remains stalled in Congress, with the CLARITY Act failing to advance in the Senate. The next phase depends on institutional adoption of tokenization, stablecoin settlement growth and whether 24/7 trading expands beyond crypto into traditional financial markets.
