CFTC Chairman Selig Supports the Promotion of On-Chain Financial Rules at Link : NYC
crypto.news
1h ago
Ai Focus
Chairman Michael Selig stated at the NYC event in Chainlink that he is willing to help reshape the regulation related to blockchain finance. Meanwhile, CFTC is advancing a federal registration pathway for crypto trading platforms and is distinguishing between spot trading and leveraged retail trading in its consultations; cooperation and forecasting market regulation are also part of this institution's agenda.
Helpful
No.Help

According to the official updates from Chainlink, Chairman Michael Selig of CFTC stated during the Link : NYC event on October 29th that he is willing to help reshape the regulation related to blockchain finance. CFTC is currently formulating a federal registration pathway for cryptocurrency trading platforms.

The key points are as follows:

  • Selig promised to support the regulatory work of on-chain finance at the Link : NYC event.
  • The registration framework for the CFTC cryptocurrency exchange is still in the stage of soliciting opinions.
  • The current scheme distinguishes between regular spot trading and retail trading with leverage.
  • Cooperation with SEC and the regulation of the predictive market are both independent parts of the institution's agenda.

A statement released by the event organizers stated that Selig expressed during the event on October 29th his appreciation for those companies dedicated to the blockchain finance market.

Selig indicates that the future of blockchain finance may be determined by the discussions at this conference. He said that institutions support companies developing in this field and are willing to help reshape the applicable regulatory rules.

He said, "We are very pleased to be able to play a role in reshaping the regulation of this ecosystem."

His attendance follows a consultation in October regarding how crypto platforms should operate within the federal framework. As previously reported by crypto.news, CFTC is utilizing its existing statutory authority to establish a voluntary registration pathway, while Congress has not yet passed a bill on the structure of the crypto market.

A report dated October 26 described plans targeting exchanges that offer leveraged, margin-based, or financing-type retail crypto transactions. The safeguard measures considered in the report include customer funds, token listing, conflicts of interest, and reserve certification.

This consultation is published in the form of a prior notice for the formulation of proposed rules, seeking public opinion before possible future rules are introduced. The agency initiated this process on October 5th, and the publication of this notice in the Federal Register sets the comment deadline as December 14, 2026.

On October 5th, in a speech at Fordham, Selig categorized exchanges into three categories, each with corresponding regulatory obligations. Ordinary spot platforms are usually governed by state-level funds transfer laws and are also subject to the regulations of CFTC against fraud and market manipulation.

He stated that platforms that offer retail customers margin, leverage, or financing-based crypto-trading services belong to another category and require registration with CFTC. Exchanges that provide perpetual contracts and other derivatives fall under the third category governed by this institution.

Selig acknowledges that only Congress has the authority to require all crypto exchanges to register with this commission. The proposal he put forward will create a federal pathway for eligible platforms based on the services they provide.

The proposed designated crypto asset market, referred to as CAM, will serve as a subcategory of the designated contract market. Selig indicates that platforms that offer futures, options, or swap transactions will still be subject to the existing designated contract market framework.

His speech also specifically mentioned a policy initiative targeting software developers who do not solicit orders, do not control executions, and do not hold customer assets. Staff were required to study how on-chain platforms operate and to determine where the control actually lies.

In a consultation announcement released in October, the institution sought feedback on the "Regulations on Crypto Asset Trading" ( Regulation Crypto Asset Transactions, referred to as CTX) and the "Regulations on the Crypto Asset Market" ( Regulation Crypto Asset Markets). Previous reports on federal crypto trading proposals had distinguished this consultation from an already adopted market-level framework.

The announcement establishes the proposed rules based on Section 2(c)(2)(D) of the Commodity Exchange Act, and seeks to understand how a national framework can prevent abuse, explain the compliance requirements unique to crypto assets, as well as how to establish CAM registration categories through rule-making.

In a statement released alongside the consultation, Selig stated that the committee hopes to establish regulatory rules that can prevent fraud schemes before customers suffer losses. CFTC mentioned that the information received during the consultation period will be used for potential actions in the future.

The written submissions will be publicly released, and market participants will have the opportunity to express their opinions on the trading rules and the proposed platform designation.

The cooperation with SEC predates the exchange consultations in October. On March 17, securities regulatory authorities issued an explanation regarding how federal securities laws apply to certain crypto assets and transactions.

CFTC subsequently added this explanation and issued guidelines stating that it and its staff would enforce the 'Commodity Trading Law' in a manner consistent with the explanation provided by SEC. Both institutions stated that this move is part of their effort to provide market participants with clearer guidelines under the current legislation.

Chairman Paul Atkins stated that this interpretation acknowledges that most crypto assets are not securities in themselves, and investment contracts may also terminate. He described this guideline as a transitional bridge during the period when Congress is advancing legislation to reform the market structure.

The statement attached to Selig commits that the two regulatory authorities will establish feasible and coordinated rules. This announcement addresses the issues of asset and transaction classification and does not present the CAM registration framework from October as an already available license.

Another report on predicting market regulation was published on October 24th, stating that Selig is monitoring for possible manipulation before the U.S. mid-term elections. The relevant content is based on an interview with them by Bloomberg.

The report details the settlement cases involving Gabriel Perez and former Congressman George Santos that CFTC has completed. CFTC determined that Perez took advantage of the opportunity to obtain in advance the content of the presidential speech to trade related contracts, and as a result, was required to return $107,539.02 in trading profits and pay a civil fine of $65,000.

The settlement for Santos requires them to return a profit of $17,569.98 and to pay a civil fine of $17,500 regarding transactions related to their attendance at the 2026 State of the Union address. Both settlements are accompanied by a three-year trading ban.

Tip
$0
Like
0
Save
0
Views 31
HQYC reminds readers to view blockchain rationally, stay aware of risks, and beware of virtual token issuance and speculation. All content on this site represents market information or related viewpoints only and does not constitute any form of investment advice. If you find sensitive content, please click“Report”,and we will handle it promptly。
Submit
Comment 0
Hot
Latest
No comments yet. Be the first!
Related
Otis Announces Quarterly Dividend of $0.44 Per Share
Otis Worldwide Corporation The board of directors announced on October 29th the distribution of a quarterly cash dividend of $0.44 per share. This dividend will be paid to shareholders registered as of the close of trading on November 13, 2026, on December 11, 2026.
PR Newswire
·2026-10-30 04:42:41
5
CDS Visual Launches New Platform to Facilitate Collaboration between Industrial Manufacturers and Partners
CDS Visual Announces the Launch of CDS Partner Exchange ™, an Integrated Platform Designed to Simplify Collaboration Between Industrial Manufacturers and Their Business Partners in Critical Business Processes. This platform connects CRM, ERP, business, and service systems, integrating channel interactions, order processing, product visualization, quoting, services, and after-sales support into a single environment.
PR Newswire
·2026-10-30 04:33:32
8
Polymarket Launches 15-Minute Gold "Ups and Downs" Contracts, Adding Stocks and Foreign Exchange to the Portfolio
Polymarket begins to offer 15-minute "rise and fall" prediction contracts for gold and silver, with data partner Chainlink acting as the oracle for result determination. Polymarket and Chainlink also indicate that similar short-term contracts for foreign exchange and stocks will be launched soon.
Fortune
·2026-10-30 04:33:27
8
Despite inflows from BlackRock, Bitcoin ETF still had a net outflow of $254.7 million in the past 30 days
US spot Bitcoin ETF saw a total net outflow of $254.7 million over the 30 natural days ending October 26, despite BlackRock's IBIT attracting nearly $961.9 million in funds during the same period. Fidelity experienced a net outflow of $725 million during the same period, but then there was an inflow of $423.6 million into these funds over the following three trading days. Glassnode stated that the estimated cost basis of ETF's holdings is close to $81,500.
crypto.news
·2026-10-30 04:33:25
11
YYForce deploys 11 commercial hotel robots in Novotel and Mercure hotels in Singapore
YYForce announces the deployment of 11 autonomous service robots in Singapore at Novotel Singapore, on, Stevens, Mercure Singapore, on, and Stevens. These robots cover scenarios such as room delivery, inter-floor services, and elevator coordination. The company states that this move will advance its robotics as a service (RaaS) strategy in the hospitality industry and improve operational efficiency.
PR Newswire
·2026-10-30 04:33:23
10
View More