CFTC Chair Says Crypto Is Unlikely to Be Outlawed in the US

As the US accelerates efforts to formalize rules for digital assets, the head of the Commodity Futures Trading Commission said there is virtually no chance crypto will be outlawed in the country.

Wu Blockchain reported on May 23 that CFTC Chair Mike Selig said in a recent interview that “there is very little chance that digital assets will be outlawed in the US.”

Selig said it is important to create conditions in which the government cannot seize citizens’ Bitcoin and other digital assets. He added that the industry needs a forward-looking regulatory framework that can support long-term growth.

He also stressed the need to update laws to prevent a repeat of cases such as Operation Choke Point, referring to allegations that the banking system was used to pressure crypto firms during the previous administration.

Selig said legal guidelines such as the CLARITY Act and the GENIUS Act are critical.