PANews reported on April 2nd, citing Cointelegraph, that Michael Selig, Chairman of the U.S. Commodity Futures Trading Commission (CFTC), stated that the agency is ready to regulate the entire $3 trillion cryptocurrency industry and reiterated that the CFTC is the sole regulator of prediction markets. However, Congress has not yet set a timetable for passing key market structure legislation. In his 100-day statement, Selig said the CFTC is "prepared to assume responsibility."

Under Selig's leadership, the CFTC has implemented several policies indicating a more lenient enforcement and regulatory stance on digital assets compared to the previous administration. Last month, the agency signed a memorandum of understanding with the SEC to coordinate regulatory efforts, including on digital assets. While early drafts of the Market Structure Act proposed granting the CFTC more regulatory authority over digital assets, the SEC will continue to regulate cryptocurrencies, which it deems securities.