Michael Selig, Chair of the US Commodity Futures Trading Commission (CFTC), stated in a May 2026 interview that it is not possible for the government to seize citizens’ cryptocurrencies—and that such a move should never be considered. Selig emphasized that protecting digital asset ownership rights is now a top priority for financial regulators in the United States.
Regulatory developments take center stage
A major point raised by Selig was the new legal framework the US government is developing to regulate the cryptocurrency market. The Genius Act, aimed specifically at stablecoins, has already become law, while the broader Clarity Act, which seeks to shape the wider market structure, is still making its way through Congress. Both acts are designed to provide certainty and protection to crypto users and developers.
Selig also underlined that new legislation will prevent a repeat of initiatives like “Operation Choke Point 3.0,” which had previously led to the exclusion of crypto-focused businesses from the banking system.
Since 2017, the CFTC has regulated Bitcoin futures trading. According to Selig, the agency classifies Bitcoin, Ether, Solana, and Zcash as “digital commodities.” Other digital assets, meanwhile, are categorized as stablecoins, NFTs, digital securities, and digital instruments.
Michael Selig made it clear: “There is virtually no chance of a complete crypto ban in the United States,” attributing this strong position to the emergence of new legal regulations.
Selig believes that a clear and enforceable regulatory framework is the strongest safeguard against the possibility of hostile policies by the government in the future.
| Digital Asset | CFTC Classification |
|---|---|
| Bitcoin, Ether, Solana, Zcash | Digital commodity |
| Stablecoins, NFTs, Digital securities | Other digital assets |
Self-custody and ownership at the forefront
Another key message from Selig focused on self-custody—the right of users to store their digital assets in their own wallets. He argued that true ownership of digital assets is only possible if users directly control their private keys.
Mini glossary: Self-custody means holding cryptocurrencies or digital assets in a wallet directly controlled by the user, rather than entrusting them to a third party such as an exchange or custodian. In this way, users retain direct ownership over their assets in all circumstances.
To reinforce this right, the US administration has issued special permission letters for self-custodial wallet providers. Selig stated that digital assets, like traditional forms of property, are consistent with core American principles and that the government must respect individuals’ rights to ownership and access.
Selig also claimed the United States is already a global leader in digital finance but stressed that maintaining this position requires clear and comprehensive regulation. He noted that the Clarity Act and Genius Act were both drafted to achieve this goal.
Public involvement in future regulation
The government aims to involve not just corporations, but also everyday users, in shaping future regulation. According to Selig, open consultation processes and working groups have been launched to make public input a central part of new rules.
The overarching goal is to ensure both the global competitiveness of the United States in digital finance and the legal protection of property rights for crypto users in the long term.
