Summary
- The chairman of the US Commodity Futures Trading Commission said there is virtually no chance digital assets will be made illegal in the United States.
- He said the country needs an environment in which the government cannot seize citizens’ Bitcoin (BTC) and digital assets, as well as a forward-looking regulatory framework to support the long-term growth of the digital-asset industry.
- Selig said it is critical to establish legal guidelines such as the CLARITY Act and the GENIUS Act to prevent a repeat of cases like “Operation Choke Point.”
Forecast Trend Report by Period
As the US accelerates efforts to formalize rules for digital assets, the chairman of the Commodity Futures Trading Commission said there is virtually no chance crypto will be outlawed in the country.
Wu Blockchain reported on May 23 that CFTC Chairman Mike Selig said in a recent interview that “it is highly unlikely that crypto will be outlawed in the United States.”
He added that it is important to create an environment in which the government cannot seize citizens’ Bitcoin and other digital assets. He also called for a forward-looking regulatory framework that would allow the crypto industry to grow over the long term.
Selig also stressed the need to strengthen related laws to prevent a repeat of cases such as Operation Choke Point, which drew controversy over allegations that the previous administration pressured crypto firms through the banking system.
He said it is critical to establish legal guidelines such as the CLARITY Act and the GENIUS Act.
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