Michael Selig, Chairman of the Commodity Futures Trading Commission (CFTC), which oversees the financial markets of the USA, stated in an interview in May 2026 that it is not possible for the government to seize citizens’ cryptocurrencies and such a step should not be taken. In Selig’s statements, it was emphasized that the protection of digital assets within the scope of individual property rights has now become a priority.
New Era in Regulations
One of the most important topics that Selig brought to the agenda was the American administration’s new legal framework to regulate the crypto market. While the Genius Act, which regulates particularly stable currencies (stablecoins), has been enacted, the Clarity Act, which aims for a more comprehensive market structure, is still in its congress process. These two laws are intended to provide assurance for crypto users and developers.
President Selig underlined that the repetition of practices such as “Operation Choke Point 3.0”, which led to the exclusion of crypto-focused initiatives from the banking system in the past, will be prevented with new legislation.
The CFTC has been regulating Bitcoin futures since 2017. According to Selig’s latest statements, the agency defines Bitcoin, Ether, Solana and Zcash as “digital commodities”. Digital assets other than these are classified under the headings of stable coins, NFTs, digital securities and digital instruments.
CFTC Chairman Michael Selig said, “The chances of crypto being completely banned in the United States are now almost non-existent,” and emphasized that new legal regulations are at the basis of this process.
According to Selig, ensuring a clear and enforceable legal framework is the strongest obstacle to the government’s turning to hostile policies in the future.
| Digital Asset | CFTC Classification |
|---|---|
| Bitcoin, Ether, Solana, Zcash | digital commodity |
| Stablecoins, NFTs, Digital securities | Other digital assets |
Emphasis on Self-Custody and Property Rights
Another issue that stood out in Selig’s messages was ‘self-custody’, that is, the right of users to store their crypto assets in their own wallets. Selig argued that true digital asset ownership is possible when users personally protect private keys.
Mini dictionary: Self-custody means that cryptocurrencies or digital assets are held directly in the user’s own wallet and under their own control, rather than through a third party (for example, an exchange or custodial service). Thus, the owner of the assets is the direct user in all circumstances.
To grant this right, the US administration has issued special permission letters for ‘self-custodial’ wallet providers. Selig argued that digital assets, just like classical property, are compatible with fundamental American principles, and stated that the state should respect individuals’ rights of ownership and access.
Selig also suggested that America is already the global leader in digital finance, but said that regulations must be determined clearly and comprehensively in order to maintain this position. It was stated that Clarity Act and Genius Act were prepared to achieve this goal.
Public Participation is in the Foreground
The administration plans to involve not only large companies but also ordinary users in shaping future regulations. Selig announced that public comment processes and working groups were initiated for this purpose.
In the long term, the goal stands out as the United States maintaining its global competitiveness in digital finance and providing legal security to the property rights of crypto users.
