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CFTC’s Selig says market structure bill makes US ‘gold standard’ for crypto
CFTC Chairman Michael Selig joins ‘Mornings with Maria’ to discuss legislation regarding digital assets, prediction markets as well as regulation.
CFTC Chairman Michael Selig said the market structure bill moving through Congress would make the United States the “gold standard” for crypto regulation, arguing that clear rules are long overdue for digital asset markets.
Selig said the U.S. has lacked clear digital asset oversight and that new legislation would provide “token taxonomy” and defined jurisdiction to move markets forward.
Crypto legislation could reach Trump’s desk “in the next couple of months,” CFTC Chairman Michael Selig said, promising clear regulatory rules for digital asset markets. (Andrew Harnik/Getty Images)
“The goal [of this legislation] is just to get some clarity. It’s been too long with these markets just languishing, and they’ve fled offshore,” Selig said Wednesday on “Mornings with Maria.”
“Our country’s best builders, entrepreneurs and innovators are really, for the first time, looking at a system where we can have clarity, clear rules of the road, a token taxonomy so we know what’s the security and what’s not.”
CFTC Chairman Michael Selig argues most crypto assets should be treated as commodities, not securities, as a pending market structure bill would clarify the rules after prolonged regulatory uncertainty. (Jakub Porzycki/NurPhoto via Getty Images)
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He said treating all digital assets as securities is an outdated approach and argued that many digital assets should be treated as commodities under CFTC oversight rather than securities subject to SEC jurisdiction.
Rules for prediction markets, including platforms like Polymarket and Kalshi, would also be clarified under the new legislation. Selig said the CFTC has been regulating these markets for more than 20 years, and that he aimed to “embrace” innovation in these spaces going forward.
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“We’re not going to be a merit regulator as the prior administration sought to do and ban these types of contracts ahead of a political election. We’re gonna embrace it,” Selig said. “We’re going to set the rules of the road and we’re also going to defend our authority in court where necessary.”
Selig projected that a crypto market structure bill could be on President Donald Trump’s desk “in the next couple of months” and praised the president’s leadership and advocacy on behalf of the cryptocurrency industry.
Form 144 TFS FINANCIAL CORPORATION For: 4 February
A Perdaman-backed solar farm looks set to become the foundation tenant of a traditional owner-backed green energy park near Karratha.
A vacant strip of land in Northbridge has been earmarked for an eight-storey office and apartment building.
Skypacts Property Resources has submitted a $10 million plan to build a mixed-use development on 441 William Street.
The 508-square metre lot, currently an unoccupied infill site, sits next to the Perth Mosque and is bound by William Street and Brisbane Place.
According to Skypacts’ application filed with the City of Vincent, the proposed development comprises offices and associated parking from the first to the fourth floor, and nine apartments across the upper levels.
Lateral Planning, on behalf of Skypacts, said the project would be a high-quality development on an underutilised infill site.
“Overall, the proposed development will not detract from the amenity of the area rather, it will significantly enhance it,” the application said.
“It represents a positive, forward-looking contribution to the locality, by supporting strategic planning goals, and promoting sustainable urban growth.”
RP data shows Skypacts bought the site for about $2.5 million in 2022.
Skypacts Property Resources is owned by Kian Kiong Lee and has a registered address in Nedlands, according to an Australian Securities and Investments Commission document.
About 600 metres away, another vacant Northbridge lot was flagged for development.
A 480-square metre site at 195 Beaufort Street, next to the Ellington Jazz Club, has been vacant for about 20 years.
In May 2024, a development assessment panel approved a $2.4 million proposal to build a four-storey apartment and retail project on the site.
However, the site, with the attached development application approval, was recently listed on the market.
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