- CFTC Chair Michael Selig said major crypto exchanges and new market entrants are interested in registering under the agency’s proposed federal rules.
- The model would offer voluntary federal oversight as an alternative to complying with separate state regulatory regimes.
- The CFTC and SEC began drafting rules under their existing authorities after the CLARITY bill failed to secure enough Senate votes.
U.S. Commodity Futures Trading Commission Chair Michael Selig said in a Nov. 13, 2026, interview with CNBC that major crypto exchanges and new companies are interested in operating under the agency’s proposed federal rules. The model would give participating companies a single federal regulatory mechanism rather than requiring them to comply with separate state regimes.
Selig spoke during the Cantor Convergence financial conference in Miami Beach. He said companies were already preparing to register with the CFTC.
CFTC proposes a single oversight model
In October 2026, the CFTC published an advance notice seeking comments on the regulation of retail transactions in crypto commodities. The agency aims to codify rules for trading digital assets within a federal framework and strengthen customer protections.
According to Selig, major crypto exchanges are already registered with the CFTC because they offer derivatives, including perpetual futures. The proposed model would allow those exchanges to add spot trading under the regulator’s oversight.
Selig said new market participants were also interested in the federal option because of the burden of registering across multiple states.
“Look, signing up with 50 different state regimes is tough. We’d rather come to one regulator and get a license at the CFTC.”
Participation would be voluntary for exchanges that do not currently offer margin, lending or leveraged trading, Selig said.
Agencies proceed after CLARITY bill falls short
After the CLARITY bill failed to secure the necessary Senate votes on Sept. 15, 2026, the CFTC and the U.S. Securities and Exchange Commission began drafting federal rules based on their existing authorities.
“We need to protect our markets and protect our customers using those markets so we’ll continue to do exactly that in the wake of the Clarity Act failing to get the votes it needed to get to the president’s desk during the current Congress,” Selig said.
The CFTC and SEC signed a memorandum of understanding in March 2026. Bernstein analysts later said the CLARITY bill’s failure could accelerate the development of crypto regulation by the two agencies.
Regulatory policy could face greater congressional scrutiny in 2027. Following the midterm elections, Democrats are expected to gain control of both the House of Representatives and the Senate.
Selig said he hoped authorities would be able to protect law-abiding software developers from pressure and from being forced to relocate abroad.
“Those looking to commit crimes and engage in fraud should be held accountable,” he added.
Prediction-market dispute continues
Prediction markets remain a separate point of contention. In February, 23 Democratic senators urged Selig to reconsider the regulatory approach to those markets.
The CFTC is suing several states as it defends what it considers exclusive federal jurisdiction over prediction-market platforms. Selig said the agency would oppose state lawsuits accusing exchanges of operating without gambling licenses.
“We’re going to fight this up to the Supreme Court if that’s where it’s going,” he said.
The CFTC also recently intervened to defend prediction-market platform Kalshi amid a threat that it could be shut down.
Source: Incrypted
