CFTC Chair Mike Selig announces plans for 24-7 on-chain market regulations

CFTC Chair Mike Selig told a congressional hearing on Tuesday that the agency is gearing up for “24‑7, on‑chain” markets, saying regulators are “excited” about the rapid growth of crypto and artificial‑intelligence trading. He made the remarks at the Senate Banking Committee in Washington, where he outlined the commission’s plan to oversee digital‑asset futures and options without waiting for the stalled “Clarity Act” to pass.

The comment comes as crypto trading platforms have expanded beyond traditional business hours and begun using blockchain settlement for every transaction. Industry analysts say the move blurs the line between commodities and securities, a dispute that has kept the SEC and CFTC at odds for years. Without the Clarity Act – a bill that would give the CFTC explicit jurisdiction over digital commodities – the commission must rely on existing statutes to police a market that now handles more than $2 trillion in daily volume.

Selig said the CFTC will issue new guidance on how existing commodity‑derivatives rules apply to on‑chain products and will step up enforcement against fraud and market manipulation. The agency has already filed over 30 enforcement actions this year, targeting unregistered futures contracts and deceptive stable‑coin offerings. It is also launching a joint task force with the SEC and the Treasury to share data on AI‑driven trading bots that could amplify price swings. In a written statement, the commission promised “clear, technology‑neutral rules” to help exchanges and participants adapt.

Looking ahead, the CFTC plans to publish a proposed rule change by the end of the year that would formalize reporting requirements for continuous‑trading venues. Lawmakers are expected to revisit the Clarity Act in the next congressional session, a debate that could reshape the regulatory landscape for digital assets. For traders and firms, the commission’s signal means more oversight but also greater legal certainty as the market evolves around the clock.