US CFTC Chair: "Tighten crypto regulation…won’t allow a second Gensler"

JH Kim

Summary

Michael Selig, chair of the US CFTC, said he would tighten regulation of virtual assets (cryptocurrencies).
Selig said he cannot sit back and let someone like a second Gary Gensler come along and wreck everything.
The CFTC is said to be moving to expand its regulatory authority through discussions over the virtual-asset market structure bill, the 'CLARITY Act,' and jurisdictional issues involving prediction markets.

Michael Selig, chair of the US Commodity Futures Trading Commission (CFTC), said he would strengthen regulation of virtual assets (cryptocurrencies). Referring to the previous regulatory stance, he signaled a shift in the future policy direction.

According to crypto-focused media outlet Crypto Briefing on the 17th (local time), Selig said in an interview with Fox Business, "We will strengthen regulation of virtual assets so it won’t become a problem in the future," adding, "We can’t sit back and let someone like a second Gary Gensler come along and wreck everything."

Gary Gensler, the former chair of the US Securities and Exchange Commission (SEC), pursued a hard-line enforcement policy toward the crypto industry during his tenure. Selig’s remarks are seen as underscoring his intent to bolster the CFTC’s role in the future virtual-asset oversight framework.

Meanwhile, the CFTC has recently been moving to expand its regulatory authority, including through discussions over the virtual-asset market structure bill known as the 'CLARITY Act' and issues related to jurisdiction over prediction markets.