Original Title: What Will a Mike Selig SEC Look Like For Crypto Markets?
Original Authors: jrmiller, Sam Cooling, Bitcoins
Translated by: Peggy, BlockBeats
Editor's Note: The long-ambiguous regulatory boundaries for cryptocurrency in the United States are being redrawn. With Mike Selig nominated as the CFTC Chairman and Congress advancing new legislation, the division of labor between the SEC and CFTC is beginning to take shape at the policy level, revealing a rare trend of clarity in the regulatory structure: the SEC focuses on securities; the CFTC emphasizes the digital commodity spot market.
This article summarizes the content of the legislation, hearing arrangements, and potential changes in the division of labor between the two agencies, providing a clear starting point for understanding U.S. cryptocurrency regulation. Below is the translated text.
CFTC and SEC Split Cryptocurrency Regulatory Authority
As the Trump administration pushes for a new round of financial regulatory team appointments, the U.S. cryptocurrency regulatory system is undergoing the most definitive power reshuffle in recent years.
Mike Selig, the nominee for Chairman of the Commodity Futures Trading Commission (CFTC), is scheduled to attend a confirmation hearing before the Senate Agriculture Committee on November 19. Meanwhile, Congress is reviewing a new bill that aims to formally grant the CFTC primary regulatory authority over the digital asset spot market.
This move indicates that after years of regulatory overlap and enforcement disputes, U.S. regulatory agencies are attempting to delineate the division of labor for cryptocurrency regulation through legislation.
Mike Selig is speaking
From Legislation to Nomination, the Regulatory Path is Gradually Taking Shape
This bill, promoted by Senators John Boozman and Cory Booker, includes key provisions to expand the CFTC's authority over digital commodities and requires it to establish a formal collaboration mechanism with the Securities and Exchange Commission (SEC). The draft also plans to provide new budget resources for the spot regulatory system to support regulatory enforcement.
This direction resonates with the SEC's recent statements. SEC Chairman Paul Atkins has indicated that the commission is developing a "token taxonomy" based on the Howey test and is exploring exemptions for digital asset sales.
These initiatives suggest that the SEC's goal is to set clear rules for "when tokens are not securities" and to coordinate with the CFTC on other aspects.
On the surface, this is a technical adjustment of rules, but it implies that the SEC will redefine its boundaries, focusing more on securities attributes while leaving other aspects to the CFTC.
In public statements from Congress, this division of labor has been clearly articulated. Senator John Boozman stated that the CFTC is the appropriate agency to regulate digital commodity spot trading; Senator Cory Booker added that the bill will grant the CFTC new powers and the resources needed to enforce market regulation.
As the positioning of the two agencies continues to converge, the division of labor in the regulatory structure is slowly taking shape: the SEC focuses on securities; the CFTC is responsible for the digital commodity spot market.
This has been a long-standing contentious boundary in the cryptocurrency industry, now formally depicted for the first time in Washington.
Regulatory Signals Before the Hearing
According to the Senate Agriculture Committee's notice, Selig is listed as the nominee for "Chairman and Commissioner" and will be questioned on November 19 in the G50 office of the Dirksen Senate Office Building. The rapid advancement of the hearing arrangements has led to expectations that Washington hopes to quickly complete the restructuring of the regulatory team and framework.
The draft bill also includes provisions for digital commodity registration, customer fund segregation, conflict of interest management, and fee structures, attempting to establish a previously missing federal regulatory framework. Years of disputes over custody standards, exchange registration, and enforcement overlap have also been included in this round of legislative discussions.
Market Remains Cautious, Awaiting Next Signals
After the announcement, market fluctuations were limited. Traders generally focused on the hearing itself and the next version of the rule draft to be released by the SEC. Although the regulatory direction for the cryptocurrency industry is not yet fully clear, discussions surrounding "division of labor" and "boundaries" are closer to formal implementation than ever before.
The trajectory of this long-standing dispute will return to the hearing on November 19.
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