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Following塞尔格主席宣布加密货币监管“进入实战阶段”，CFTC无需等待国会立法先行
在9月22日由纽约联邦储备银行主办的美国国债市场会议上，商品期货交易委员会（CFTC）主席迈克尔·塞尔格明确表示，无论国会山发生何种情况，该机构都打算对加密资产市场结构采取行动。随后在9月23日的CNBC采访中，塞尔格宣布加密货币规则制定已“进入实战阶段”（go time），这表明监管机构将利用其现有的法定权力推进相关工作。
早在8月20日CFTC创新咨询委员会的成立大会上，塞尔格就已向员工发出通知：如果《清晰度法案》（Clarity Act）陷入停滞，“CFTC将利用其现有权力，开始建立加密资产市场的监管体系”。这一时刻来得比预期更快。旨在将加密资产监管权在CFTC与证券交易委员会（SEC）之间进行划分的《清晰度法案》，于9月15日在参议院未能通过终结辩论投票（49票赞成，50票反对），距离所需的60票门槛相去甚远。
Two days later, the CFTC acted quickly. On September 17, the agency submitted two proposals to the White House Office of Information and Regulatory Affairs (OIRA), titled "Regulation of Cryptographic Asset Trading" and "Regulation of Cryptographic Asset Markets"(RIN 3038-AF80). The document is currently listed in the "prerule" stage, which means that the text has not yet been made public, but it marks the first substantive regulatory step in a crypto-asset market framework dominated by the CFTC based on current laws.
Tokenization, round-the-clock trading and artificial intelligence become the focus of the agenda
In addition to promoting rule-making, Selger also outlines a broader modernization agenda. He pointed out that regulators must be prepared for "large-scale tokenization" and adapt to the development of blockchain and artificial intelligence technology. He believes that financial markets may change more in the next decade than in the past few decades. Selger said the tokenization of real-world assets promises near-instant settlement and allows collateral to flow in real time between clearing houses, intermediaries and end users. In addition, the CFTC has expanded the scope of eligible collateral to include certain payment type stablecoins issued by the National Trust Bank.
Regarding round-the-clock trading, the agency has solicited public comments on extending certain derivatives markets to round-the-clock operations, and issued guidelines covering continuous trading, clearing and settlement in May 2026. Selger pointed out that cryptocurrencies and precious metals may currently be suitable for all-weather markets, while agricultural products, energy contracts and some financial products may not be ready to adopt this structure.
In terms of artificial intelligence, the CFTC Innovation Working Group announced on September 21 the launch of the Frontier Forum series of projects, a public roundtable program on technologies that are changing U.S. financial markets. The first forum is scheduled to be held on October 28, 2026 and will focus specifically on artificial intelligence and Agency Finance. "The technologies that are transforming our markets are advancing rapidly, and the CFTC must engage directly with the people who build, use and study these technologies," Selger said in the announcement.
