CFTC Chairman Selig said the regulator is preparing for an all-weather on-chain market.

CFTC Chairman Selig: Regulators are preparing for an all-weather on-chain market crash

The chairman of the Commodity Futures Trading Commission (CFTC), Mike Selig, said that the regulator is preparing for a transition to an all-weather and cosmetic model.

In an interview with CNBC on Wednesday, Selig said that it was "an exciting time" to regulate the cryptocurrency and artificial intelligence related markets.

Despite lawmakers blocking the passage of the much-anticipated Clarity Act last week, the CFTC is still speeding up regulation in the crypto space. Following the vote on this landmark cryptocurrency legislation, Selig said that the agency will continue to assist President Trump with completing his task force and advancing regulatory work for digital asset .

Selig said: "Our market is evolving rapidly. We must re-examine all rules and regulations to ensure that we are prepared for the transition to a 24/7 on-chain market, including automation driven by algorithm and agentic finance".

The Market Clarity Act aims to formally demarcate regulatory responsibilities, clarifying which digital asset falls under securities, commodities or stablecoin , thereby clarifying the boundaries of authority between different regulators.

But progress on the bill has been stalled this year: banking lobby groups have objected to crypto firms paying out stablecoin proceeds to customers, and some lawmakers (mostly Democrats) expressed concerns about ethical issues in the bill.

Trump gained the support of key figures in the crypto industry during his campaign, and since becoming president, his family has also benefited from digital asset 's operations. Some lawmakers have alleged conflicts of interest, while the White House denies any wrongdoing.

Despite the stalled legislative process, the CFTC and the SEC continue to push ahead with regulations. Last week, a proposal was submitted to the White House for regulation of crypto exchanges and markets.

SEC also approved the sale of token 's securitized shares in the same week. In addition, as early as August, SEC , proposed its own regulatory framework for issuing crypto asset , taking a lead during landmark legislative stagnation.

Selig, who served as the chief legal advisor for the SEC encryption task force, was credited by White House Chief of Staff David Sacks with playing a key role in advancing the president's crypto agenda.

In August, President Trump urged lawmakers to push for passage of the Aluminum Market Clarification Act and called it "very, very powerful" legislation.

This article originally appeared in Bitcoin Magazine and was written by Mathew Di Salvo.