Sacks stated that Selig and SEC Chair Paul Atkins are positioned to establish clear guidelines for digital assets.
Crypto News
White House AI and crypto czar David Sacks said the U.S. has assembled a regulatory “dream team” following Michael Selig's Senate confirmation as CFTC chair. Sacks stated that Selig and SEC Chair Paul Atkins are positioned to establish clear guidelines for digital assets.
The Senate confirmed Selig last week in a 53 to 43 vote as part of a nominee package. Sacks responded on X to Selig's comments that Congress is preparing to finalize a crypto market structure bill, calling it a critical juncture for digital asset regulation.
Selig said the U.S. faces a unique moment as novel technologies and platforms emerge while retail participation in commodity markets reaches all-time highs. He added that Congress is poised to send digital asset market structure legislation to President Trump's desk that will establish the U.S. as the crypto capital of the world.
The market structure bill builds on the CLARITY Act that the House of Representatives passed in July. The Senate Banking Committee is expected to hold a markup on the legislation in early January before a potential floor vote.
Acting CFTC Chair Caroline Pham is expected to leave the commission and join crypto company MoonPay following Selig's confirmation. The timing of Selig's assumption of duties and Pham's departure remains unclear.
Drafts of the Senate bill suggest the legislation would grant the CFTC expanded authority to regulate blockchain assets, a role previously handled by the SEC. Some Republican leaders have indicated they are moving forward with the measure.
Other senators have raised concerns about DeFi provisions that could potentially slow progress on the bill. The legislation has been on hold during the congressional break for the holiday season.
The final text of the market structure bill has not been finalized for a floor vote. The bill represents a significant shift in how digital asset oversight would be divided between the two regulatory agencies.
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