CFTC chair says enforcement-led rules pushed crypto firms overseas

Selig Blames Past Enforcement Culture for Driving Innovation Offshore

CFTC Chairman @ChairmanSelig has taken direct aim at the regulatory approach of previous administrations, arguing that what he called "anti-crypto armies, doomers, and decelerationists" pushed blockchain, artificial intelligence, and prediction market companies out of the United States. The remarks signal a clear shift in tone at the agency, which is now positioning itself as a pro-innovation regulator under his leadership.

Operating as the sole commissioner on a five-member body, Selig has been moving quickly on rulemaking, AI-powered market surveillance, and efforts to cement the US as the global home for crypto innovation. His comments reflect a broader ambition to reverse what he sees as years of regulatory overreach that cost the country talent and capital in emerging technology sectors.

Inaugural Innovation Advisory Committee Meeting Set for August 20

Chairman Selig has released the agenda for the Innovation Advisory Committee's inaugural meeting on Thursday, August 20, where attendees will discuss topics related to the regulation of crypto assets, artificial intelligence, and prediction markets. The committee meets from 1 p.m. to 4 p.m. ET in Washington, with the public able to watch online.

The crypto session is expected to cover state licensing, federal market structure, and regulatory uncertainty. The committee will also examine the absence of a comprehensive federal market structure framework and the practical effects of overlapping jurisdictions and inconsistent regulatory interpretations.

Alongside the IAC, Selig has also launched an Innovation Task Force dedicated to advancing clear rules for American innovators, with a focus on crypto assets and blockchain technologies, artificial intelligence and autonomous systems, and prediction markets and event contracts.

Selig named the committee's 35 members in February, including Polymarket's Shayne Coplan and Kalshi's Tarek Mansour. Written public comments on the topics under discussion are due August 27.

"America has long been the global hub of financial innovation," Selig said, adding that he looks forward to discussing "ways emerging technologies and financial products are shaping our markets as we embark upon the new frontier of finance."

Sources:
CFTC: Chairman Selig Announces Agenda for August 20 Innovation Advisory Committee Meeting
CFTC: Chairman Selig Announces Formation of New Innovation Task Force
Crypto Times: CFTC Sets Crypto, AI, and Prediction Markets Agenda for August 20