US Crypto Regulation Shake-Up: CFTC to Potentially Take Over Spot Market
Original Article Title: What Will a Mike Selig SEC Look Like For Crypto Markets?
Original Article Authors: jrmiller, Sam Cooling, Bitcoins
Translation: Peggy, BlockBeats
Editor's Note: The long-standing blurred regulatory boundaries in the U.S. around crypto are being redrawn. With Mike Selig nominated as CFTC chair, new legislation proposed, and clearer roles emerging between the SEC and CFTC, a rare policy-level delineation of responsibilities is unfolding: SEC focusing on securities; CFTC focusing on the digital commodity spot market.
This article summarizes the bill's content, hearing schedules, and potential changes in the two agencies' roles, providing a clear starting point for understanding U.S. crypto regulation. The following is the translation of the original article.
CFTC and SEC Divide Crypto Regulatory Powers
As the Trump administration advances a new round of financial regulatory team appointments, the U.S. crypto regulatory system is experiencing one of the clearest power realignments in recent years.
The Commodity Futures Trading Commission (CFTC) chair nominee Mike Selig will attend the Senate Agriculture Committee confirmation hearing on November 19. Meanwhile, Congress is considering new legislation that aims to formally grant the CFTC primary regulatory authority over the digital asset spot market.
This development shows that, after years of regulatory overlap and enforcement disputes, U.S. regulatory agencies are attempting to legislatively delineate crypto regulation responsibilities.

Mike Selig Speaking
From Bill to Nomination, Regulatory Path Taking Shape
The bill, driven by Senators John Boozman and Cory Booker, includes key provisions such as expanding the CFTC's authority over digital commodities and requiring it to establish a formal collaboration mechanism with the Securities and Exchange Commission (SEC). The draft also plans to provide new budget resources for the spot market regulatory system to support regulatory enforcement.
This direction aligns with recent statements from the SEC. SEC Chairman Paul Atkins stated that the commission is developing a "token taxonomy" based on the Howey test and is exploring exemption arrangements for digital asset sales.
These measures indicate the SEC's goal of establishing clear rules for "when a token is not a security" and coordinating with the CFTC on other aspects.
While appearing as a technical rule adjustment, the underlying implication is that the SEC will redefine its own boundaries, focusing more on securities attributes and leaving other aspects to the CFTC.
In public statements in Congress, this division of labor has already been clearly expressed. Senator John Boozman stated that the CFTC is the appropriate agency to oversee digital commodity spot trading; Senator Cory Booker added that the bill will give the CFTC new powers and the resources needed to enforce market oversight.
As the positioning of the two agencies continues to converge, the division of regulatory structure is slowly taking shape: the SEC focuses on securities; the CFTC is responsible for the digital commodity spot market.
This has long been a contentious boundary in the crypto industry and is now for the first time being delineated in Washington in formal documents.
Regulatory Signals Before the Hearing
According to the Senate Agriculture Committee's notification, Selig is listed as the nominee for "Chairman and Commissioner" and will undergo questioning on November 19 at Room G50 of the Dirksen Building on Capitol Hill. The rapid scheduling of the hearing has led to external expectations that Washington aims to quickly complete the reorganization of the regulatory team and framework.
The draft bill also includes provisions such as digital commodity platform registration, customer fund segregation, conflict of interest management, and fee structures, attempting to establish a previously lacking federal regulatory framework. Disputes that have revolved around custody standards, exchange registration, and enforcement overlap for years have also been included in this round of legislative discussions.
Market Maintains Restraint, Awaiting Next Signal
Following the announcement, market volatility has been limited. Traders are generally focusing on the hearing itself and the next version of rule draft that the SEC will release. Although the regulatory direction of the crypto industry is not yet entirely clear, discussions surrounding "division of labor" and "boundaries" are closer to formal implementation than ever before.
The direction of this long-standing dispute will return to the hearing on November 19 in the short term.
You may also like

A plunge of over 97% continues to unlock, yet WLD has completed $65 million in over-the-counter financing: who is still footing the bill?

Potential Bitcoin Crash Below $60K May Delay Recovery to 2027
Key Takeaways: Bitcoin’s deep drawdown phase may extend recovery to the second quarter of 2027. Historical data shows…

BTC USD Price Drops Below $67K Amid Rising Treasury Yields
Key Takeaways: BTC USD slumped to $66,300, its first drop below $67K since March 9, driven by macroeconomic…

Second Bill Targets Insider Trading in Prediction Markets
Key Takeaways: The Public Integrity in Financial Prediction Markets Act of 2026 prohibits government officials from using insider…

India Apprehends Key Figure in Myanmar Crypto Fraud Complex
Key Takeaways: India’s Central Bureau of Investigation (CBI) arrested a key player in a scam that trafficked Indian…

Bitcoin and Profit Metrics: Will History Repeat Itself?
Key Takeaways: Historical patterns reveal that when Bitcoin’s supply in profit falls below 50%, significant price rallies ensue.…

Bitcoin ‘Compression’ Outcome Could Propel BTC Towards $80K: An Analyst’s Perspective
Key Takeaways: Bitcoin’s price is testing a critical $71,500 level, hinting at a possible rally to $80,000. Traders…

Data Points to Accelerating Ether Supply Crunch: Will ETH Price Follow?
Key Takeaways: As of now, 33.1% of Ethereum’s circulating supply is staked, resulting in a tighter liquid supply.…

XRP Risk-Reward Improves as Whale Accumulation Surges: Will the Price Mirror This Trend?
Key Takeaways: XRP’s Sharpe Ratio turned positive on March 26, 2026, indicating a potential for returns outweighing associated…

Cryptocurrency Price Predictions for March 27: BTC, ETH, BNB, XRP, SOL, DOGE, HYPE, ADA, BCH, and LINK
Key Takeaways: Bitcoin is struggling to maintain its position above the $66,000 threshold, amplifying concerns of a further…

Bitcoin ETFs Face Capital Outflow as Market Treads with Caution
Key Takeaways: Bitcoin ETFs experienced a $296 million outflow, ending a four-week inflow run. Total net assets for…

Crypto Market Predictions: BTC, ETH, BNB, XRP, SOL, DOGE, HYPE, ADA, BCH, LINK
Key Takeaways: Bitcoin struggles at the $72,000 level as bulls aim for $80,000, while resistance remains strong. Ethereum…

Bitcoin Returns to $71K as Oil Prices Plummet with Trump Halting Iran Strikes
Key Takeaways: Bitcoin rallies 5% to surpass $71,000 following Trump’s delay of US military action against Iran. Liquidations…

Ether Taker Volume Reaches Three-Year Peak: Can ETH Sidestep a 19% Price Drop?
Key Takeaways: An Ether on-chain indicator has surged to its highest in over three years, signaling potential stabilization…

Bitcoin Spot Volumes Reach 2023 Lows While BTC Rallies Stay News-Driven
Key Takeaways: Bitcoin’s price surged to $71,600 during a US market open, but the rise lacked consistent spot…

Unifying Ethereum: Tackling Fragmentation and Embracing Onchain Trading
Key Takeaways: Ethereum developers propose a groundbreaking ‘Economic Zone’ to address fragmentation in layer-2 networks. Onchain commodity trading…

Lummis Affirms CLARITY Act as DeFi’s Strongest Shield Yet
Key Takeaways: The CLARITY Act is touted by Senator Cynthia Lummis as providing unparalleled protections for DeFi developers.…

US Probes Bitmain over Security Concerns Amidst Crypto Mining Dominance
Key Takeaways: US authorities have initiated “Operation Red Sunset” to investigate potential security threats posed by Bitmain’s Chinese-manufactured…
A plunge of over 97% continues to unlock, yet WLD has completed $65 million in over-the-counter financing: who is still footing the bill?
Potential Bitcoin Crash Below $60K May Delay Recovery to 2027
Key Takeaways: Bitcoin’s deep drawdown phase may extend recovery to the second quarter of 2027. Historical data shows…
BTC USD Price Drops Below $67K Amid Rising Treasury Yields
Key Takeaways: BTC USD slumped to $66,300, its first drop below $67K since March 9, driven by macroeconomic…
Second Bill Targets Insider Trading in Prediction Markets
Key Takeaways: The Public Integrity in Financial Prediction Markets Act of 2026 prohibits government officials from using insider…
India Apprehends Key Figure in Myanmar Crypto Fraud Complex
Key Takeaways: India’s Central Bureau of Investigation (CBI) arrested a key player in a scam that trafficked Indian…
Bitcoin and Profit Metrics: Will History Repeat Itself?
Key Takeaways: Historical patterns reveal that when Bitcoin’s supply in profit falls below 50%, significant price rallies ensue.…
