CFTC's Selig says markets must prepare for 'mass tokenization' and round-the-clock trading

CFTC Chair Michael Selig told a US Treasury market conference at the New York Fed that regulators need to prepare for "mass tokenization" of traditional assets alongside a shift toward round-the-clock trading. "The next decade will likely bring more change to financial markets than the previous several decades combined," he said, pointing to tokenization, on-chain finance and 24/7 trading as the drivers.

Three priorities, one direction

Selig's remarks track three themes the Trump administration has pushed on financial market policy: converting traditional assets into digital tokens, extending trading hours — including a push for continuous trading in energy derivatives — and widening stablecoin use across exchanges and clearinghouses. The CFTC has already expanded eligible collateral to include stablecoins from national trust banks as of February, and has spent the past year soliciting public comment on round-the-clock energy derivatives trading.

Not acting alone

The remarks follow the SEC's introduction last week of a five-year "innovation exemption" enabling onchain trading of tokenized US stocks — a sign the CFTC and SEC are moving in parallel on market-structure changes rather than waiting for a single comprehensive bill from Congress. Selig described the approach as embracing innovation, encouraging competition and right-sizing regulation to keep US markets competitive globally.