David Sacks hails SEC and CFTC as crypto ‘dream team’

White House AI and crypto czar David Sacks said the United States is approaching a pivotal moment for digital asset regulation following new leadership appointments.

Sacks welcomed the confirmation of Michael Selig as chair of the Commodity Futures Trading Commission.

He said the appointments signal that the regulatory framework for cryptocurrencies is beginning to take shape.

In a post on X, Sacks described the leadership pairing at the CFTC and Securities and Exchange Commission as a “dream team”.

Sacks said the regulators are positioned to deliver clear and consistent rules for the crypto industry.

His comments followed remarks by Selig indicating progress on long-awaited crypto market structure legislation.

We are at a unique moment as a wide range of novel technologies, products, and platforms are emerging.

Michael Selig said.

He added that retail participation in commodity markets is at record levels and lawmakers are close to finalising new legislation.

The proposed bill is designed to establish a formal framework for regulating digital asset markets.

In the Senate, the legislation is known as the Responsible Financial Innovation Act.

The bill builds on the CLARITY Act, which passed the House of Representatives earlier this year.

Senate consideration of the bill has paused during the congressional holiday recess.

The Senate Banking Committee is expected to resume work with a markup session in early January.

A floor vote could follow if lawmakers reach consensus on outstanding provisions.

The Senate confirmed Selig in a 53 to 43 vote as part of a wider package of nominees.

Selig is expected to replace acting CFTC chair Caroline Pham.

Pham is anticipated to leave the commission and join crypto payments company MoonPay.

Lawmakers have said the legislation could shift greater regulatory authority over digital assets to the CFTC.

This would mark a change from the SEC’s historically dominant role in crypto oversight.

Some senators have raised concerns over decentralised finance provisions in the bill.

Those concerns could slow progress as debates continue into the new year.

Supporters argue the framework would provide regulatory certainty and boost innovation.

Sacks said the goal is to cement the United States as a global leader in crypto regulation.