CFTC Chair Says Regulator Is Preparing for ’24-7, On-Chain’ Markets

24-7 on-chain markets — CFTC Chair Mike Selig stated the regulator is actively preparing for the evolution of financial markets toward a ’24-7, on-chain’ model, emphasizing the need to adapt rules for automated and algorithmic trading.

Selig made the remarks in a CNBC interview, calling it an exciting time to regulate crypto and AI-related markets. He said the Commodity Futures Trading Commission must reevaluate its regulations to be ready for this transition to continuous, blockchain-based trading facilitated by algorithms.

The comments come despite the recent stalling of the landmark Clarity Act in Congress, which aimed to formally divide digital asset oversight between regulators. Selig asserted the CFTC is pushing ahead with its own rulemaking, having recently sent a proposal to the White House to regulate crypto transactions and markets.

The CFTC’s actions, alongside parallel moves by the SEC, indicate regulatory agencies are proceeding with rulemaking for digital assets even as comprehensive legislation remains delayed. Selig, formerly chief counsel at the SEC’s Crypto Task Force, was described by a White House official as instrumental in driving forward the administration’s crypto agenda.