CFTC Chair Michael Selig Declares “America Is Now the Crypto Capital of the World”
In a March 10, 2026 speech at the FIA annual industry conference in Boca Raton, CFTC Chair Michael Selig proclaimed that the United States has become “the crypto capital of the world,” signaling a decisive pivot from the prior administration’s enforcement-heavy approach, per The Block.
Selig explicitly criticized the previous SEC under Gary Gensler for “weaponizing” regulation against innovation and driving crypto activity offshore. He contrasted that period with the current environment, crediting President Trump for “pushing the U.S. marketplace to finally fully commit to a financial future with crypto playing a central role.”
“Project Crypto” Ends Agency Turf Wars
Selig highlighted his collaboration with SEC Chair Paul Atkins on Project Crypto, an inter-agency initiative aimed at ending the long-standing CFTC–SEC jurisdictional conflict. The project’s cornerstone deliverable is a joint crypto asset taxonomy that clearly assigns products to either the CFTC (commodities), SEC (securities), both, or neither.
“This harmonization is integral to opening up new avenues for entrepreneurs,” Selig stated.
Key Regulatory Initiatives Announced
- Non-custodial software guidance Staff has been directed to issue guidance clarifying when developers of non-custodial wallets, DeFi protocols, and other software systems must register as intermediaries.
- Leveraged retail commodity transactions The agency is reviewing the “actual delivery” exception for off-exchange leveraged crypto trades and exploring purpose-fit standards for margined spot trading on exchanges.
- Crypto perpetuals classification CFTC staff is examining how “true crypto-perpetuals” should be treated under existing rules.
- Prediction / event markets Selig announced an advanced notice of proposed rulemaking (ANPR) on event contracts and reiterated the CFTC’s historical jurisdiction (dating back to a 1992 no-action letter for the University of Iowa markets). He expressed hope that blockchain-based prediction markets could serve as a “check on disinformation” and debanking threats.
Market and Industry Reaction
The speech has been widely interpreted as the strongest pro-crypto signal yet from a sitting U.S. regulator. Immediate sentiment on X (formerly Twitter) was overwhelmingly positive among industry participants, with many describing the remarks as “the clearest green light yet” for domestic innovation.
Bitcoin held above $113,000 and Ethereum remained near $4,100 in early Asian trading on March 10, 2026, with no sharp reaction to the speech itself.
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