CFTC Chairman Expresses Disappointment with Congress While Advancing Crypto Regulations: What Still Requires Legislative Action?

The CFTC is moving ahead on crypto regulations without waiting for Congress, but its authority has hard limits that could leave millions of traders exposed. Understanding exactly where those limits fall determines whether the U.S. gets unified crypto oversight or…

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Mike Selig, chairman of the Commodity Futures Trading Commission (CFTC), told CNBC he was “absolutely disappointed in Congress” for failing to deliver crypto market legislation on October 6, 2026. In response, Selig said the CFTC would not wait for lawmakers and would proceed to establish CFTC crypto rules using its existing authority.

After the CLARITY Act failed in a Senate procedural vote in September, the CFTC quickly introduced two new proposals to regulate cryptocurrencies. Selig describes these proposals as a “federal option” for crypto exchanges. But how far can the CFTC go before it requires congressional approval, and what aspects still need new laws?

What the CFTC’s Two Proposed Crypto Rules Would Do

The Commodity Exchange Act established the CFTC and limits the agency’s rulemaking authority to the powers it grants. A CFTC rule has the force of law within those constraints, but any extension beyond them would require Congress to enact new legislation.