Key Highlights
- CFTC Chairman Selig framed the legislation as an attempt to solidify a statutory foundation for crypto oversight.
- The bill aims to clarify oversight responsibilities and establish rules governing trading platforms, intermediaries, and token classification.
Commodity Futures Trading Commission (CFTC) chairman Michael Selig said a long-debated crypto market structure bill is close to being signed into law. He described the effort as “on the cusp” of completion.
Speaking about the measure’s progress today, Selig indicated that lawmakers are nearing agreement on a framework designed to define regulatory boundaries in digital asset markets. The bill aims to clarify oversight responsibilities and establish rules governing trading platforms, intermediaries, and token classifications.
Push for regulatory guardrails
Selig framed the legislation as an attempt to solidify a statutory foundation for crypto oversight, arguing that Congress should “future-proof” the framework.
He warned against the risk of policy reversals under future leadership, referencing concerns that a new regulator could unwind prior guidance or reinterpret existing rules. He suggested the objective is to reduce regulatory swings by embedding clearer standards into law rather than relying solely on agency rulemaking.
What does the bill mean?
Under the proposal, the CFTC would assume the primary control of digital assets like Bitcoin and Ethereum. The bill would also allow exchanges and brokers a 180-day window to register and get provisional status once it becomes law.
It aims to end the obscure compliance environment that has left many firms exposed to freezes and counterparty risk. The framework would also require joint SEC and CFTC rulemaking within 18 months to sort out complex gray areas such as mixed transactions and margin structures.
The bill has long been in discussions. While the House of Representatives made progress on different market structure bills in 2025, such as the GENIUS Act, the progress has been limited.
Political backing and next steps
Selig also credited support from the White House, pointing to backing from U.S. President Donald Trump as momentum builds toward final passage.
While the exact timeline for enactment has not been formally confirmed, Selig said lawmakers are working to “get this thing across the line,” suggesting that only procedural steps remain.
Also Read: U.S. Senate Advances Crypto Market Structure Bill in Party-Line Vote
