The chair of the Commodity Futures Trading Commission, Michael Selig, said the agency will continue advancing rulemaking despite lacking a full bipartisan commission.
Selig told lawmakers he would not delay regulatory action, emphasising the need for investor and consumer protections even while serving as the sole commissioner.
“In the interim, we cannot, for the sake of the American people, slow down in our rulemaking,”
Selig said.
The stance has drawn criticism from Democratic lawmakers, who argue that major regulatory decisions should not be made without the agency’s typical five-member bipartisan structure.
The debate comes as the CFTC considers new rules affecting digital assets and prediction markets, areas where jurisdiction and oversight remain contested. Following the announcement the regulatory outlook was unchanged at $XX.
Some lawmakers accused the agency of overreach, particularly in its claim of exclusive authority over prediction markets, which are also facing legal challenges at the state level.
The situation highlights growing tension between federal regulators and lawmakers over how quickly crypto and related markets should be governed in the absence of full leadership.