David Sacks Highlights New Regulatory Leaders as a Dream Team for Crypto Oversight
David Sacks emphasizes the importance of recent appointments in shaping the future of digital asset regulations in the U.S.
Following the confirmation of Michael Selig, a pivotal appointment, White House official David Sacks expressed his belief that the SEC and CFTC are positioned to provide definite regulatory frameworks for digital assets.
In a post on X, Sacks remarked that the U.S. is at a crucial point for cryptocurrency regulations, highlighting that Selig together with SEC Chair Paul Atkins forms a “dream team” meant to outline clear regulatory frameworks. This remark was made in response to Selig’s comments regarding Congress’s imminent progress on a crypto market structure bill.
“We are at a unique moment as a wide range of novel technologies, products, and platforms are emerging, retail participation in the commodity markets is at an all-time high, and Congress is poised to send digital asset market structure legislation that will cement the US as the Crypto Capital of the World to the president’s desk,” stated Selig on X.
The proposed market structure bill, dubbed the Responsible Financial Innovation Act in the Senate and building on the CLARITY Act passed by the House in July, is currently under examination. However, it has been temporarily tabled during the holiday season. A markup by the Senate Banking Committee is anticipated in early January, leading up to a potential voting session.
Selig’s Senate confirmation as part of a broader set of nominees was achieved with a 53 to 43 vote last week. It remains uncertain when he will officially succeed Caroline Pham, who is rumored to be departing to join crypto company MoonPay following Selig’s confirmation.
What Implications Does the Market Structure Bill Hold for the SEC and CFTC?
While the Senate’s market structure bill has not been finalized for voting, preliminary drafts indicate it would grant the CFTC augmented authority over digital asset regulation, traditionally a domain of the SEC. Although some Republicans support the advancement of the bill, concerns regarding DeFi brought up by other senators could delay progress.
Related: Crypto CLARITY Act set for Senate markup in January, Sacks says
