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Cointelegraph1 min read
With no bipartisan leadership, CFTC won't ‘slow down‘ on rulemaking
TL;DR
CFTC Chair Michael Selig announced that he will continue rulemaking on digital assets and prediction markets despite lacking a full bipartisan panel. He emphasized the importance of investor and consumer protections.
Key points
- CFTC Chair Michael Selig will continue rulemaking.
- No bipartisan leadership currently at the CFTC.
- Focus on investor and consumer protections.
- Selig cannot commit to halting rulemaking.
- Regulations may affect digital assets and prediction markets.
Mentioned in this story
Commodity Futures Trading CommissionMichael SeligAngie Craig
The chair of the Commodity Futures Trading Commission (CFTC), Michael Selig, said he would not wait for the appointment of additional commissioners to lead the regulatory agency before moving ahead on rulemaking potentially related to digital assets and prediction markets.
In a Thursday hearing of the House Agriculture Committee, Selig responded to questions from ranking member Angie Craig, who called out the lack of leadership at the CFTC, which normally has a bipartisan panel of five commissioners. The Minnesota representative asked the chair to commit to not finalizing regulations while he is the only commissioner.
“In the interim, we cannot, for the sake of the American people, slow down in our rulemaking,” said Selig. “It’s very important that we get investor protections, consumer protections and safeguards for our markets. And so, I cannot, unfortunately, commit to not do my job that I was appointed to do by the president.”
CFTC Chair Michael Selig speaking on Thursday. Source: US House Committee on Agriculture
Selig, who has served as the CFTC’s sole commissioner and chair since December, has come under scrutiny from many lawmakers for unilaterally leading the agency on rules favoring crypto and prediction markets with no bipartisan group of commissioners. As of Thursday, President Donald Trump had not publicly announced any nominations to staff the agency nor signaled he intended to do so.
“We’re going to do more through rulemaking,” said Selig in response to a question on the CFTC’s leadership from Representative Don Davis. “We can’t have the staff deciding on discretion what the rules are.”
Related: CFTC probes oil futures trades tied to Trump's moves in Iran: Report
The CFTC chair proposed rulemaking in March that could amend or issue new regulations over event contracts on prediction markets. Selig has been outspoken about claiming that the agency has “exclusive jurisdiction” over prediction markets as the companies behind some platforms face state-level lawsuits related to sports betting laws and proposed legislation to crack down on insider trading.
Q&A
What did CFTC Chair Michael Selig say about rulemaking?
Michael Selig stated that he will not delay rulemaking on digital assets and prediction markets, prioritizing investor and consumer protections.
Why is there a lack of bipartisan leadership at the CFTC?
The CFTC currently has only one commissioner, Michael Selig, due to unfilled appointments, which normally requires a bipartisan panel of five commissioners.
What are the implications of the CFTC moving forward without additional commissioners?
Moving forward without additional commissioners may lead to regulations being finalized without bipartisan input, impacting the regulatory landscape for digital assets.
What protections is the CFTC focusing on in its rulemaking?
The CFTC is focusing on investor protections, consumer protections, and market safeguards in its ongoing rulemaking efforts.
