The new Chair of the U.S. Commodity Futures Trading Commission (CFTC), Michael Selig, recently made statements that attracted market attention. He clearly indicated that the legislative process for the U.S. cryptocurrency market structure has entered the final sprint, with the bill text being pushed to the President's office for signing.

This news is seen by industry insiders as a major turning point in the crypto regulation process. The long-standing regulatory framework that has been pending is about to transform from a draft into a real legal constraint.

Selig emphasized that the core of this bill is to streamline regulatory authority—clarifying which digital assets should be classified as commodities and which must be treated as securities. This approach can significantly reduce the compliance exploration costs for enterprises. He specifically clarified that this is not an attack on innovation; rather, it is about building a long-term sustainable institutional framework for the crypto industry. By defining clear regulatory boundaries, compliant projects can expand with confidence, and gray areas and systemic risks can be effectively cleared.

Market reactions were immediate. Once signed by the President, the U.S. is likely to establish the first relatively complete crypto regulatory system. This will have a ripple effect on exchanges, stablecoin issuers, DeFi ecosystems, and institutional investors.

From a broader perspective, if the U.S. takes the lead in establishing clear crypto market regulations, it will regain influence in the global regulatory competition, resonating with the EU's MiCA standards. Leading assets like BTC and ETH are also expected to receive more stable policy expectations. Industry consensus is that this legislative moment marks an important institutional turning point for the crypto industry.