CFTC chairman says crypto exchanges seek entry into federal regulatory framework

Michael Selig, chairman of the U.S. Commodity Futures Trading Commission, said in an interview with CNBC that major crypto exchanges and new market entrants are showing interest in joining the CFTC’s federal regulatory framework. He said some new entrants prefer obtaining a license from the CFTC rather than complying separately with regulations in all 50 states. The CFTC began a public comment process on Oct. 5 to establish a federal regulatory framework for crypto spot commodity trading, after the Clarity Act, a crypto market structure bill, failed to advance in the Senate in September. Selig added that the agency plans to use its existing legal authority to allow registered exchanges to offer crypto spot and leveraged products in a regulated environment.