#michael selig

[rwatimes]

CFTC Chair Selig warns regulators will end up 'writing all the rules' for crypto if Clarity Act stalls

CFTC Chair Michael Selig warned regulators may end up writing crypto rules if Congress fails to pass the Clarity Act.

➤ CFTC Chair Michael Selig warns that if Congress fails to pass the Clarity Act, regulators will likely end up creating all the rules for the crypto industry. ➤ The bill faces significant hurdles in the Senate due to negotiations on DeFi, illicit finance, ethics, and specific crypto provisions, leading to reduced passage odds. ➤ A unified federal framework is deemed critical for business certainty, clarity, and consumer protection, contrasting with the current fragmented state-level regulations.

[rwatimes]

CFTC Chair Claims Gemini Case was Politically Motivated, Seeks to Reverse Settlement

➤ CFTC Chair Michael Selig alleges the Biden administration politically targeted Gemini and its founders, seeking to vacate a prior settlement. ➤ Selig claims the agency was 'weaponized' and that his administration is 'righting those wrongs' by starting fresh. ➤ The case involves Gemini's co-founders' political donations to Donald Trump, highlighting a potential intersection of regulation and politics.

[rwatimes]

CFTC Chair Moves to Reverse Winklevoss-Led Gemini Enforcement Order

➤ The CFTC is seeking to vacate parts of a previous enforcement order against Gemini, citing flaws and potential political targeting under the Biden administration. ➤ CFTC Chair Michael Selig stated the agency aims to 'start fresh' and avoid 'lawfare,' indicating a review found issues with evidence and procedures in the original case. ➤ The original case, which began in 2022, involved allegations of misleading regulators regarding a Bitcoin futures product, resulting in a $5 million penalty for Gemini.