Trump’s Bitcoin Strategy Just Became Clear | CFTC Chair Mike Selig

追加: 2026-05-12

[00:00:00]Were you selected by Trump for your position? I think you were right.

[00:00:03]>> Yes, I was appointed by the president.

[00:00:04]>> Why do you think you were appointed by the president for this position?

[00:00:07]>> We put out a report that really lays out what I believe is the blueprint to make the United States the absolute leader in crypto. How do you look at the difference of Bitcoin versus crypto?

[00:00:17]>> We're able to get the Genius Act signed into law last year and now we're working to get Clarity signed into law.

[00:00:23]>> Yeah. If the Wright brothers had to get permission and permits, they probably never would have built the airplane.

[00:00:26]Well, I would argue that private property is a right that this country was premised upon.

[00:00:31]>> Well, you don't have to argue that. It definitely was.

[00:00:33]>> But there is always the threat of rogue governments, rogue states, uh, you know, and agencies trying to seize upon that.

[00:00:40]>> The chance of that happening in the United States is very slim to none at this point.

[00:00:45]You're new in the chair. Uh, I've been, uh, I think this is so this is year seven at this conference for me. I've been making, uh, been making Bitcoin education for a decade now. Wow. One of the most often asked objections I hear has always been, "But what if the government makes it illegal?"

[00:01:04]So now, as somebody sort of working inside the administration, what would you say to that question today? Well, I think it's really critical that we create a space for Bitcoin and crypto assets to flourish here and a space that's future proof, right? A space that we can't have government coming in and seizing people's crypto assets and Bitcoin. This country was founded on the premise of private property and really all of our rights are derived from the right to own our own stuff to to take the fruits of our labor and and work hard here in in America. So I think it's really critical that we set in place clear uh regulations and clear statutory protections for software developers for people who hold their own crypto assets for holding assets through self-custody or using a custodial wallet um exchanging your assets and all of that.

[00:01:50]And that's what this administration's really focused on.

[00:01:53]>> Yeah. So then would you say that today in 2026 the answer to that question would be the chance of that happening in the United States is very slim to none at this point. I believe that's the case. The United States today is the crypto capital of the world and we have to make sure that it stays that way. So in answer to your question of what happens if if we don't get this right, yes, a government can come in and take our crypto assets. A government can come in and do operation choke point two uh 3.0.

[00:02:20]We saw it with the last administration.

[00:02:21]We can see it again. And so I think getting statuto guidance in place, having an act like the Clarity Act, it's really important. Having the Genius Act in place is really important for stable coins. And we're going to do our work as regulators to make sure we have futurep proof regulations in place as well.

[00:02:36]>> Now, the CFTC has been regulating Bitcoin, I believe, since 2017, if I'm not mistaken.

[00:02:41]>> That's right. We were one of the first agencies to move into the crypto space with the Bitcoin futures product, which what you're referring to, >> right? So, I mean, a lot of what you're talking about putting statutory rules and and stuff to kind of protect it from the government, that hasn't really been addressed since 2017. Is this sort of like a new imperative?

[00:02:58]>> Well, I think the biggest risk under the last administration was the debanking and was the driving of the crypto asset industry offshore. So, if you had any connection to Bitcoin or Zcash or any crypto asset, you were effectively placed on a list and banks would uh refuse to do business with you.

[00:03:16]Many of the industry participants actually had bank accounts with some of the larger banks and then one day they got a notice saying that their bank was being closed and many of these companies had trouble making payroll and and uh you know meeting their needs of their their business. And so we can't have that happen here in the United States again. We've got to make sure that we put in place real clear rules and regulations to protect the industry in the United States.

[00:03:39]>> Yeah. Uh I I'm a partner at a venture fund called Bitcoin Opportunity Fund and it has the name Bitcoin in the fund and we had investors that were trying to send money to us but their banks wouldn't allow them to send us money because we had the word Bitcoin in our in our name.

[00:03:53]>> I mean it was just crazy. Um we uh I have a lot of uh offshore contractors that I hire and we used um some different payment um tools to send them money and one of the people that we were sending money to their name of their corporation had Bitcoin in it. Yeah, not only did they block the transaction, they shut our whole countdown.

[00:04:11]>> Just like it was it was crazy. You don't want to miss it. I'm talking about the biggest event in the world. I just got back from the Bitcoin conference in Las Vegas. One of the biggest events in the world. One of the best events that you can attend. And the next one just got announced. We're talking about 2027 July 15th through 17th this time in Nashville. I'm going to be there and I hope to see you there as well. And right now you can get tickets for cheaper than you can get them any time of the year.

[00:04:37]Pre-sale right now and you can get them 10% off if you use my code. I'll put a link to it down in the show notes down below. Make sure you come. I hope to see you there. Don't miss it. This administration is sort of trying to fix that or not just fix it but maybe prevent that thing from happening again.

[00:04:52]You mentioned some of these statutory changes. I typically think about you know the constitution and our right shall not be infringed. I've seen some states are trying to enshrine the right of self-custody into that, like don't infringe on that.

[00:05:05]>> Would you say and and the CFTC is obviously a different sort of uh body there, but is it more about passing laws that protect that versus like trying to protect your right to have that?

[00:05:15]>> Well, I would argue that private property is a right that this country was premised upon.

[00:05:20]>> Well, you don't have to argue that. It definitely was. Yeah.

[00:05:22]>> So, our our constitution is designed to protect private property rights, but there is always the threat of rogue governments, rogue states, uh, you know, and agencies trying to seize upon that and create barriers to being able to hold your own property. Um, I do believe that having statutory, so legislation in place essentially to protect that is really important. uh but also as regulators there's a lot we can do in promulgating rules and regulations that can protect uh the industry here in the United States. We've been doing a lot of work to protect uh self-custody through guidance and through no action letters.

[00:05:57]So, we recently provided a no action letter to the self-codial wallet software firm Phantom uh which allows for users of Phantom to rely on that software and for Phantom to offer that software in the United States without the threat of having to register and comply with ownorous rules and regulations designed for intermediaries.

[00:06:15]And that will allow for people to use their own assets in our derivatives markets to be able to self-custody their collateral and their assets that they're putting into markets.

[00:06:25]>> Okay. I was wondering how that fit into the futures market so they can actually self-custody their assets and still participate in the markets.

[00:06:31]>> That's right. And that's a novel innovation that we did not have prior to this administration. And I think that's really a core component of making the United States the crypto capital of the world. Of course, I'd argue today it is the crypto capital of the world. But we can't have a crypto capital of the world where you're not able to participate in the derivatives markets using your own self-codial wallet software. So we've now made that possible.

[00:06:51]>> Yeah. Wow. That's pretty amazing. How do you look at the difference of of Bitcoin versus crypto? So, you know, again, we talked about the CFTC's already sort of been regulating it since 2017. It seems like, you know, previous administrations with Gendler, head of the SEC, both from the CFTC and the SEC sort of looked at Bitcoin differently. So, I'm curious today how you're looking at Bitcoin versus digital assets. Does it all get lumped together or do you look at those differently with different types of regulations there? Well, Bitcoin was the first true uh cryptonative digital asset and I believe that Bitcoin has a number of properties that distinguish it from other crypto assets. In particular, of course, the the anonymous or synonymous founder Satoshi Nakamoto and so having that kind of integrity around there's truly no uh central person or group that you can identify as the founder of that.

[00:07:43]And so I do I do think that lends to a greater decentralization argument for that network. But the way that we're looking at the asset class isn't the prior administration's, oh well, there's always a corporation in the middle or some person in the middle that we need to uh kind of regulate and and and choke off. We're looking at this as a new opportunity for Americans to be able to own their own assets, utilize blockchain networks, whether it's a tokenized um you know, stock or tokenized commodity or a native asset like Bitcoin or Ether, anything else. We want to set in place uh protections for all of it. Uh, of course, Bitcoin, I think in in a market where there's competition, it can compete on some of the merits of it decentralization and the way the network's designed and kind of the single uh focus of the network where it really is designed to be able to hold uh, you know, something with with value and and transact and value as opposed to doing memecoins and NFTs and you know, other sorts of decentralized applications. And so I think our view is that we like it all and we want to create a space where people can be creative and come up with new types of uh digital assets and products.

[00:08:47]>> So then just to try to clarify this, you have typically you're regulating commodities.

[00:08:52]>> Mhm.

[00:08:53]>> And are you saying that Bitcoin isn't regulated like a commodity even though there's no central issuer, right? Um it's fungeable no matter where you get it in the world. Uh it's not dependent on a common enterprise, but you're not really considering a commodity. You're considering it more of a digital asset which is actually something different.

[00:09:07]No, I I I would view uh Bitcoin and and the agency has always considered Bitcoin to be a commodity. Okay, good. So, it is uh a type of digital commodity, but of course, it itself is a a commodity and most crypto assets in our view with the exception of tokenized securities. So, we've put out new uh guidance together with the SEC clarifying a taxonomy of various different types of digital assets. And in our view, Bitcoin falls within the digital commodity car uh category of of digital assets, but it itself is a commodity of course.

[00:09:38]>> Are there any other digital assets that fall? Is it is is there one or two or is it too exhaustive to even list?

[00:09:44]>> Well, we've set out a number of categories. So the the categories that we've um enumerated are digital commodities which include Bitcoin, Ether, Salana, uh Zcash.

[00:09:53]>> Those are digital commodities.

[00:09:54]>> That's right. So these are all assets that are native. they're attached to a network and they have intrinsic value based on the network itself and their utility uh to to people who are um using them in in everyday uh commerce. We also have digital uh collectibles, things like NFTts and other uh trading cards and things like that that are put on a blockchain. We have uh digital uh payment uh stable coins. So that's another area. And then uh digital securities. So digital securities are things like tokenized stocks and bonds.

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[00:12:10]We've been trying to get the the Genius Act through uh for quite some time. It seemed like it was signed, sealed, delivered. The president signed it and then it's been held up with the bankers, I guess, have been objecting to paying yield on that. Uh, what's the status of that from your angle? We're hoping to have this bill on the president's desk for signature very soon. We're really at a critical moment where we've got a couple months left to get this across the finish line and it's all hands on deck. We're really optimistic based on some of the recent compromised discussions. And of course, there is this uh issue amongst uh the banks and and the crypto community around yield which we thought had kind of uh resolved itself when we got the Genius Act signed into law. But there's still some concern that uh you know some of the the stable coin operators are able to offer reward type uh you know incentives to users and the banks have been concerned about that. So, we're hoping to get all of that resolved. We think we've got uh compromise in place and um you know, I I would expect this to be uh out for uh markup very soon as as well as uh the the overall Senate vote.

[00:13:17]>> And why do you think that's so important to get that passed very soon? As you said, >> my concern is that if we don't futureproof the asset class and the technology here in the United States with legislation and nothing is more >> the state the stable coin bill specifically, >> well, the stable coin bill is separately. So I I'm talking about the Clarity Act, but the stable coin bill similarly, you know, without legislation, things can be changed by future administrations very easily.

[00:13:42]Nothing's more permanent than legislation when it comes to politics and and policy. And so getting a clear statute in place that says these assets are lawful assets here in the United States. Companies have the um certainty that they can build and the clarity as to how they can do it here in the United States. that's going to unlock a lot of new innovation and business activity here in the United States. So, the Genius Act of course did that for stable coins. We now have a number of uh banks that are entering the space. We have new uh neo banks that are coming in to issue stable coins as well. Um and now with Clarity, which is the market structure bill, we can start to see more um businesses uh innovate with custodial uh uh you know businesses as well as exchanges and uh the like. So this is a really important piece of legislation we want to get done in the United States.

[00:14:32]>> Does some of that make it easier for businesses to raise equity? So you mentioned like tokenized securities for example. So rather than going through the long arduous expensive process of going public, um is there some sort of carve out a provision that makes it easier, faster, cheaper for companies to go raise money publicly using a a securized token? Well, without the clarity and certainty as to how to do it and the the you know understanding that what you're doing is something that's lawful and won't be uh taken away from you in the next administration. You know there is some you know concern about coming into the United States and engaging in these activities. Many of the uh firms that are doing innovation in tokenized securities are doing it offshore and we want that to be here in the United States with clear rules and investor protection. So, I do believe that uh with the partnership of the SEC and CFDC working together to provide clarity to innovators in the space, that's going to bring a lot of new capital into the United States. That's going to allow for companies to decide to tokenize their stock or invest in different types of digital assets and offer those opportunities to Americans uh on a on a regular basis with with the clarity they deserve.

[00:15:40]>> Yeah. And if they can get to market faster, cheaper, and uh raise more money, then it's it's a good for the overall economy.

[00:15:46]>> You know, it seems like we're at this point where like technology is changing so fast um in in every area today. Um in a lot of ways, it sort of is moving faster than the government can, the regulators can sort of catch up. And then sometimes we get to a point where it's like the technology has advanced so fast we sort of have to even rethink why do we even do this? I was reading this article this week and it was talking about how uh we're creating these humanoid robots and um Elon Musk says the hand is the hardest part and it's like why are we designing them to have a hand? Why do we even have doorork knobs on doors?

[00:16:19]>> Cuz we have technology the door could just actuate and open whatever right.

[00:16:22]Uh I'm curious like you know in your in in the commodities for example I mean that was originally created so we could manage crops and things like that like really old school hard asset commodity driven but now with technology especially when we start talking about crypto assets we're talking about 24 trading global um and then we have the all these you mentioned I don't know four or five different types of digital assets that don't really fit in that same framework so I'm curious just from your take like how do you think about sort of continuing to stay on top of these technological changes that are happening so rapidly. And you said um nothing is more permanent than legislation, but sometimes we just build layers on top of layers. But at some point, do we need to sort of like carve that out and rethink how we're legislating or regulating that? Over the past 100 years, we've seen our commodities markets evolved to your point from agricultural markets primarily where farmers, ranchers, and producers were using these markets to hedge commercial risk in their business.

[00:17:21]whether it's risk of the weather uh changing from season to season or the amount of crops that they're able to yield or the input costs of energy or water and things like this. And uh we started to see these markets become more financial in nature. We saw currency products. We saw interest rate products and now we're seeing all these new digital products. We've seen crypto assets. Bitcoin was the first uh futures contract in in the crypto space, but we're seeing so many more today. And we're also seeing things like compute futures. So with all the data centers built being built out here in the United States, there's real need to hedge that risk and the cost of comput and GPUs and all of that. So our markets continue to evolve and that's what's great about the United States that we have a free market economy where we're accommodating all these new types of assets. We're seeing prediction markets, another really interesting area in the derivative space. So of course we've got to as regulators continue to innovate as well and think about what changes are needed in our markets. Um, we're not paternalistic merit-based regulators. We look to the markets and understand what they're trying to do. Uh, we don't say you can trade uh, compute futures but not grain futures or crypto futures but not uh, metals futures. We allow for all these different things under a really broad and accommodating statutory framework, but we set rules and sometimes we need to tailor rules differently for different types of products and markets. Okay, so I got to tell you what I've been doing with my money lately. I moved my cash over to River. And before you ask, yes, I still pay all my bills and dollars. Everything works the same. But here's the real difference. You see, River pays me 3.3% on my cash. And they pay it in Bitcoin.

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[00:19:22]>> Were you selected by Trump for your position? I think you were right.

[00:19:25]>> Yes, I was appointed by the president.

[00:19:26]>> You're appointed. Yeah. Yeah. Um, why why do you think you were appointed by the president for this position? Well, I spent many years in private practice representing financial technology firms and businesses that were really trying to build out new uh innovative products and services and fought the government tooth and nails to be able to get those to market. I spent a lot of time advising clients that uh were facing the onslaught of regulation by enforcement with the SEC and the CFDC over the years. And when the president won in 2024, I had the opportunity to come into the administration. and I was part of the transition team uh working to get the president's team up and running uh and and went over to the SEC and helped set up the crypto task force with uh Commissioner Hester Pur who led the task force. I was the chief counsel and then also was a a senior adviser to chairman Atkins. And uh when uh the president uh called upon me to serve and and appointed me to be the chairman of the CFDC, I was really humbled and and uh honored to have the opportunity to now uh take my learnings from the SEC and from private practice over to the CFDC and continue to build on this momentous legacy uh for the president to make the United States the crypto capital of the world. I also had the the great opportunity while I was at the SEC to help out with the president's working group on digital asset markets and we put out a report that really lays out what I believe is the blueprint to make the United States the absolute leader in crypto and we're continuing to work towards that every day.

[00:20:54]>> Yeah, now it makes sense. I would I just have to say it's very refreshing to sit down with you and hear you talk about protecting the rights of private property uh protecting free markets and it's refreshing in this in this uh in this market specifically. You know, we've just had Elizabeth Warren literally running on an anti-crypto campaign and I'm like I don't remember growing up in America and having politicians run on uh making things illegal. Seems kind of weird. Uh but so it's it's refreshing and I can see why Trump would pick you. and you sort of started your career protecting those people's rights against the CFCC. And so now you're sort of inside helping shape policy. So that's good. So you said that you were um instrumental or you helped write the blueprint for the future of America with uh digital assets I think is what you called it. Um what is that blueprint? Can you lay that out for us?

[00:21:40]>> Well, there are a number of initiatives across the agencies. So this includes the SEC, the CFTC, Treasury as well as agencies like Department of Justice. And the aim here is to create an accommodating environment where digital finance can flourish here in the United States. And part of that is getting the the various pieces of legislation in place. So we uh were able to get the Genius Act signed into law last year and now we're working to get Clarity signed into law. And then there are a number of regulatory initiatives across the agencies. Uh certain products, for example, perpetual futures are listed as uh something that the president wants to see here in the United States. We also want to have protections for software developers. President has always believed strongly in the right to own your own crypto assets and be able to transact. As many are aware, the president's family was a victim of the debanking of the prior administration.

[00:22:33]So, we've got to make sure that that never happens again in the United States. And so, we're working with the credential regulators, the banking regulators to make sure that the banks are not able to do that ever again.

[00:22:43]>> Yeah. Okay. Yeah. It it is interesting.

[00:22:46]He he was persecuted by the bank, so he uh sort of has like firsthand account of that. That's that's puts him in a good place. I'm not sure if you're able to say, but I'm just curious. You mentioned a couple times the pres the president wants to see this. The president's has this opinion. Um to me, it would seem like I mean, he's got a million things going on. Like how involved could he really get into this? But as you're saying, there's several things he wants to see. So, I mean, from all the accounts I hear, he's really involved in everything and he's really smart and he's kind of paying attention to everything. So is he down into that level into that detail?

[00:23:18]>> Well, President Trump is the crypto president. I mean, under Trump won, we saw Bitcoin futures, which really was a landmark uh achievement of the Trump administration to get uh this new asset class in our derivatives markets. And it's really flourished for so many years. And now in this new administration, one of the priorities of course was to develop a crypto roadmap for the country. And and I don't think the no other administration's ever done that before. And the last administration did the exact opposite. to your point with anti-crypto armies. I think we now have the pro crypto army in the Trump administration and they're really fighting to make sure that our assets are our own assets. We're able to take them and use them how we please and and not have the government seize our private property rights.

[00:24:00]>> Yeah. And it's interesting too. I mean, even Scott Bass over in the Treasury, he's talking about crypto and Bitcoin and digital assets. And you would, you know, a lot of people have always thought that they were sort of anti- each other, right? Bitcoin crypto versus the dollar. But you can see that even at the Treasury, they're sort of like seeing that working together. So I I like that approach. You wouldn't put all your money in one stock. So why have your whole life in one single country?

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[00:25:18]You know, you talked about like how important this is for the US to sort of remain the crypto capital of the world and getting these blueprints through like where do you see this in the future? Like your vision for I don't know 10 years out or 20 years out. Why is it so important for the US to sort of stay the capital of this? Well, we've seen our financial markets and our payment systems evolve over many many years. We were once uh uh you know trading in physical pits uh and limited by the real estate of the trading pits as to what products and and things you could trade. Uh then we saw electronic markets really take off. We saw electronic payment systems where you're able to wire money across the world. And now we're seeing crypto and crypto really is I think the next evolution of finance. And if we in the United States do not create a legal and regulatory regime that keeps it here, it there's a real risk that we get behind. Um the president's actually said this very eloquently that if we let China or some other country lead in crypto, that's America's loss and and the innovators are just going to flood offshore. And so it's really important that we create an environment here in the US where people feel free to innovate. you know, Thomas Edison didn't go have to go to Washington and ask for permission for what he wanted to do or fear persecution for doing so. So, um, we've got to create an environment where that's possible, where anything is achievable.

[00:26:33]And the president has always, uh, been a big supporter of crypto. And so, we will continue to fight for the the crypto consumers here in the United States.

[00:26:40]>> Yeah. If the Wright brothers had to get permission and permits, they probably never would have built the airplane, right? It's like, uh, it it can be a little bit too too aggressive at some point. you know, obviously as a Bitcoin guy and someone who invested into Bitcoin companies, I I love what you're saying. Um, you know, it's what we need.

[00:26:55]I'm I'm I'm encouraged by it. I I I believe that Bitcoin >> scaled to a $2 trillion asset in spite of the government with a headwind. And so, it's it'll be amazing to see what it can do with a tailwind now.

[00:27:06]>> Um, and and like I said, I I love it's fresh for me to hear you talking about preserving private property and and things like that.

[00:27:13]>> In order to do this, I mean, it seems like you're very uh pro the president's pro getting these things done. You are as well. you see this like urgency, this imperative to get it done. What are some of the biggest roadblocks that would prevent you from getting this done?

[00:27:24]>> Well, time is always an issue, right?

[00:27:27]We've got limited uh runway to get things done. We're trying to move quickly because uh you know, we we've got to make sure that we keep pro crypto uh people in office able to to you know, continue to push for the legislation that we need in in America. So, um time's always of the essence. We're moving quickly to get things done. Um, we also have some roadblocks uh politically, right? Uh, the anti-crypto army is, as much as it's defeated, they still uh fight us every day. So, uh, we've got to be focused. We've got to make sure that, uh, we keep the right folks in Washington who are able to execute on the mission.

[00:28:01]>> When you say time, is the urgency of time really until the midterms because you don't know what's going to happen after the midterms or is it like to the into the term of the presidency? both of those things or >> well certainly with the legislation, you know, it's really important that we try to get this done before the midterms because if things change, it may make it more difficult to get the legislation done. So, we're certainly um looking uh at what what goes on uh in Washington or on the Hill. Um and then in terms of roadblocks uh from from an agency standpoint, of course, we can always have to deal with uh litigation on the things that we put out from a rulemaking perspective. uh we have certain uh authority that's very broad, but it can always uh be expanded. You know, that's why the legislation is really helpful.

[00:28:44]Um so, we're we're we're uh all all senator uh moving on all cylinders trying to get things done.

[00:28:50]>> Yeah, I'm a big believer in um building the world that you want, which is why I'm deploying money to help build the Bitcoin ecosystem. And so, again, like I want a a positive regulatory environment for us to build these companies in. And so, I love that and I want to help that.

[00:29:04]Um, so for people listening, I mean, if they hear this and they align with that message and they want to help bring this, what what kind of actions could they do?

[00:29:12]>> Well, I think engagement's really important. We've set up an innovation task force. So anyone who's building in Bitcoin or in other crypto technologies can come and meet with us and perhaps they have some barriers to entry there things that they think are unachievable due to this regulation or that and they can work with our team to help uh change things in in terms of policy or work to to figure out a path. Um so that's always an option. We always uh welcome feedback and engagement in the form of comment letters. So, as we're putting out new rules and regulations, there's what's called a comment period. So, the public's actually able to submit letters and comments and opine on what we're doing. And maybe they offer an improvement that we weren't thinking of and and so we can change the rule before we finalize it or maybe there's uh you know, a lot of concern that what we're doing is not good for the the industry and so we might not do it. So, that's that those are two real important ways to engage with us.

[00:30:05]>> So, get involved. If you're creating projects that you feel might have some gray area, get involved and talk to you about that. or if you're getting impairments somehow, talk to you about that and sort of provide that feedback.

[00:30:14]>> Absolutely.

[00:30:15]>> Yeah. And uh Okay. Well, that's some good advice. Anything else that we missed that you want to talk about while we're wrapping this up?

[00:30:21]>> Well, all I can say is that uh we're really working hard for the American people at the CFDC to futureproof Bitcoin and crypto assets here in the United States to make sure that there's no more debanking and that the age of Gary Gendler's uh regulation by enforcement and prosecution and lawfare is over. So, please uh continue to support us and engage with us and uh help us make the United States the crypto capital of the world.

[00:30:46]>> Yeah. Awesome. All right. Thank you,