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USITC Reaches Equally Divided Determination in Lamb Meat Global Safeguard Investigation
WASHINGTON, Nov. 14 -- The U.S. International Trade Commission issued the following news release:
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USITC Reaches Equally Divided Determination in Lamb Meat Global Safeguard Investigation
November 13, 2026
Today, the U.S. International Trade Commission (USITC) is equally divided on whether lamb meat is being imported into the United States in such increased quantities as to be a substantial cause of serious injury to the domestic industry producing products like or directly competitive with the imported product.
The determination was made in the context of an investigation initiated on
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WASHINGTON, Nov. 14 -- The U.S. International Trade Commission issued the following news release:
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USITC Reaches Equally Divided Determination in Lamb Meat Global Safeguard Investigation
November 13, 2026
Today, the U.S. International Trade Commission (USITC) is equally divided on whether lamb meat is being imported into the United States in such increased quantities as to be a substantial cause of serious injury to the domestic industry producing products like or directly competitive with the imported product.
The determination was made in the context of an investigation initiated onJuly 13, 2026, under section 202 of the Trade Act of 1974 (19 U.S.C. Sec. 2252), following a request filed by the U.S. Trade Representative on July 13, 2026. Information about this investigation and global safeguard investigations in general is available in the USITC fact sheet.
The USITC reached its determination by a 3-3 vote. Chairman Brett W. Doyle and Commissioners Jason E. Kearns and Bart Thanhauser voted in the affirmative. Commissioners Peter-Anthony Pappas, David Foley Jr., and Samuel T. Negatu voted in the negative.
As a result of today's vote, the USITC will proceed to the remedy phase of the investigation. The USITC will hold a public hearing on remedy on December 1, 2026, and will submit its report containing its determinations, remedy recommendations, certain additional findings, and the basis for them to the President by January 11, 2027.
When the USITC is equally divided in its injury determination in a global safeguard investigation, it is required to submit the views and findings of both groups to the President and make certain additional findings under the statutes implementing certain free trade agreements (FTAs).
Pursuant to these statutes, the Commissioners voting affirmative find that imports of lamb meat from neither Canada nor Mexico account for a substantial share of total imports or contribute importantly to the serious injury caused by imports. They also find that imports of lamb meat from CAFTA-DR (Costa Rica, El Salvador, Guatemala, Honduras Nicaragua, and the Dominican Republic), Colombia, Jordan, Korea, Panama, Peru, and Singapore, individually, are not a substantial cause of serious injury or threat thereof. They also find that imports from Australia, individually, are a substantial cause of serious injury or threat thereof.
The findings of both groups will be forwarded to the President as part of the USITC's report. The President will make the final decision concerning whether to provide relief to the U.S. industry and the kind of relief to provide, including with respect to imports from FTA countries.
A public report concerning this investigation will be available on the USITC website after the USITC submits its findings and recommendations to the President.
Status of proceedings, links to relevant documents, and more information for this investigation can be found at the Commission's Investigations Database System (IDS).
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Original text here: https://www.usitc.gov/press_room/news_release/2026/er1113_69510.htm
FCC Effectively Prohibits Eight Providers From Connecting to U.S. Networks for Failing to Reply to Robocall Traceback Requests
WASHINGTON, Nov. 14 -- The Federal Communications Commission issued the following news release:
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FCC Effectively Prohibits Eight Providers from Connecting to U.S. Networks for Failing to Reply to Robocall Traceback Requests
Companies Removed from FCC's Robocall Mitigation Database for Failing to Comply
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WASHINGTON, November 13, 2026--Today, the Federal Communications Commission cut off eight voice service providers from connecting to U.S. networks for violating the agency's robocall rules - specifically, failing to respond to multiple traceback requests. All providers operating in the
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WASHINGTON, Nov. 14 -- The Federal Communications Commission issued the following news release:
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FCC Effectively Prohibits Eight Providers from Connecting to U.S. Networks for Failing to Reply to Robocall Traceback Requests
Companies Removed from FCC's Robocall Mitigation Database for Failing to Comply
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WASHINGTON, November 13, 2026--Today, the Federal Communications Commission cut off eight voice service providers from connecting to U.S. networks for violating the agency's robocall rules - specifically, failing to respond to multiple traceback requests. All providers operating in theU.S. network are required to respond within 24 hours to all traceback requests from the Commission, law enforcement, and the industry traceback consortium. Tracebacks are used to determine where and from whom illegal robocall traffic originated and are critical to robocall investigations, blocking, and other consumer protections.
With today's action, the FCC's Enforcement Bureau removed these companies from its Robocall Mitigation Database and ordered U.S. voice service providers and intermediate providers to stop accepting calls from these providers. Following today's order, all providers operating on U.S. networks have two days to stop accepting all traffic from these companies. Since January 2025, the Commission has removed more than 1,400 companies from the RMD for failing to comply with Commission rules.
Enforcement Bureau Chief Hunter Deeley issued the following statement:
"The FCC is cracking down on the scourge of illegal robocalls by tackling the problem at every stage of a call's lifecycle. Tracebacks are a fundamental tool for this effort, helping investigators find bad actors and industry to block illegal traffic. If a provider wants to operate in U.S. phone networks, they must consistently, quickly, and accurately respond to these requests and support our efforts to protect consumer from scammers."
Additional Background Information:
The eight companies removed from the FCC's Robocall Mitigation Database today had been ordered to correct deficiencies in their database certifications and show cause why they should not be removed. But these companies failed to respond or take meaningful steps to update their database filings. The removed providers are: Advantage Investors llc; sunstreamnetwork; Quantum Link VOIP; Summit Industries; Scissortail Communications, LLC; Globe Tech Solutions; Alpha Stream; and MMN Tech LLC.
The FCC's Robocall Mitigation Database was established to promote transparency and effective robocall mitigation. This database is a critical tool through which the agency ensures providers are actively combatting robocalls and implementing STIR/SHAKEN caller ID authentication. Providers are required to certify that they have implemented STIR/SHAKEN on all IP-based portions of their networks. All providers must also submit robocall mitigation plans. Failure to meet these obligations can result in removal from the database and blocking of the provider's traffic.
The FCC and its robocall enforcement partners rely on tracebacks to protect consumers. When the Commission becomes aware of concerning robocall traffic, it can work with the FCC-designated Industry Traceback Group to request call tracking information from providers along the call path of the suspicious traffic. Thus, it is essential that any provider receiving traceback requests respond promptly and with the required information. Failing to do so will result in a provider's effective removal from the U.S. phone network ecosystem.
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Original text here: https://docs.fcc.gov/public/attachments/DOC-426806A1.pdf
FCC Announces Start of Upper C-Band Auction on April 27, 2027
WASHINGTON, Nov. 14 -- The Federal Communications Commission issued the following news release:
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FCC Announces Start of Upper C-Band Auction on April 27, 2027
Harmonized 440 Megahertz, 5G Super Band Will Unlock Billions of Dollars in Investment and Innovation
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WASHINGTON, November 13, 2026--Today, the Federal Communications Commission adopted the final schedule and formal procedures for the April 2027 auction of 160 megahertz of spectrum in the 3.98-4.14 GHz portion of the Upper C-band, also known as Auction 115. This auction will unify a gigantic swath of C-band spectrum--including
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WASHINGTON, Nov. 14 -- The Federal Communications Commission issued the following news release:
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FCC Announces Start of Upper C-Band Auction on April 27, 2027
Harmonized 440 Megahertz, 5G Super Band Will Unlock Billions of Dollars in Investment and Innovation
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WASHINGTON, November 13, 2026--Today, the Federal Communications Commission adopted the final schedule and formal procedures for the April 2027 auction of 160 megahertz of spectrum in the 3.98-4.14 GHz portion of the Upper C-band, also known as Auction 115. This auction will unify a gigantic swath of C-band spectrum--including280 megahertz of the Lower C-band successfully auctioned in 2020--to create a harmonized "super band" spanning 440 megahertz (3.70-4.14 GHz).
With today's announcement, the FCC continues its work to exceed Congress's baseline requirements to transform the Upper C-band as a platform for mid-band innovation. The Commission will auction 160 megahertz of the Upper C-band, more than 150% of the 100 megahertz required by the One Big Beautiful Bill Act. And by starting the auction in April 2027, the Commission remains on track to complete the auction by the legislative deadline of July 4, 2027.
Chairman Brendan Carr issued the following statement:
"President Trump has made clear that America will lead the world in next-gen connectivity, and the FCC's talented teams are bringing the Upper C-band from idea to auction to market in record time. Thanks to their tireless efforts, the FCC is poised to complete one of the most significant spectrum auctions in U.S. history--on time, on budget, and with no surprises. This is a big deal. With this auction, we are establishing a super band, an enormous swath of contiguous mid-band spectrum for 5G and 6G services that no other industrialized country can boast. And by prioritizing speed, competence, and execution, the FCC is unlocking billions of dollars of investment and unleashing connectivity years sooners than originally expected. Our spectrum abundance agenda continues to fuel the American economy by ensuring cutting edge industries from space to IoT, and 5G to drones, have the wireless resources they need to grow, innovate, and excel."
Additional Background Information:
The procedures Public Notice released today by the FCC's Office of Economics and Analytics and Wireless Telecommunications Bureau signals that the FCC has reached yet another milestone on the road to the Upper C-band auction next spring. This progress ensures that the Upper C-band can be lit up for most Americans before the end of 2030--faster than originally expected.
Today's Public Notice provides the following dates and deadlines for Auction 115:
* Auction Application Tutorial Available - No later than December 11, 2026
* Short-Form Application Filing Window Opens - January 6, 2027, 12:00 p.m. ET
* Short-Form Application Filing Window Deadline - January 20, 2027, 6:00 p.m. ET
* Upfront Payments - March 18, 2027, 6:00 p.m. ET
* Bidding Tutorial Available - No later than April 5, 2027
* Mock Auction - April 21, 2027
* Auction Bidding Begins - April 27, 2027
Next year's Upper C-band auction will make available 3,248 new flexible-use spectrum licenses throughout the contiguous United States. The FCC's Upper C-band service rules, adopted last July, allow winning bidders to begin to offer wireless services in the Upper C-band starting in December 2030 for the top-75 markets in the contiguous United States, and in any remaining markets starting July 2031. This puts America on a path towards massive gains that could result in at least $422 billion in GDP, 2.4 million new jobs, and $621 billion in consumer surplus by freeing up additional spectrum.
The FCC's rules for the use of this spectrum carefully accommodate satellite and aviation stakeholders in a financially responsible manner that incentivizes a fast transition to 5G in the Upper C-band. Through close and synchronized collaboration with the Federal Aviation Administration (FAA), the FCC's rules ensure a successful coexistence environment for critical aviation safety systems in the adjacent band for many decades to come.
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Original text here: https://docs.fcc.gov/public/attachments/DOC-426831A1.pdf
FCC Announces One Year of Clean Carts Success and Best Practices
WASHINGTON, Nov. 14 -- The Federal Communications Commission issued the following news release:
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FCC Announces One Year of Clean Carts Success and Best Practices
18 Million Devices Removed, Detailed E-Commerce Platform Best Practices Provided
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WASHINGTON, November 13, 2026--Today, the FCC's Enforcement Bureau released a Public Notice highlighting the success of over one year of Operation Clean Carts--curtailing the illegal sale of electronic equipment on the FCC's Covered List and producing a detailed list of best practices for e-commerce platforms. Federal law prohibits the sale or
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WASHINGTON, Nov. 14 -- The Federal Communications Commission issued the following news release:
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FCC Announces One Year of Clean Carts Success and Best Practices
18 Million Devices Removed, Detailed E-Commerce Platform Best Practices Provided
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WASHINGTON, November 13, 2026--Today, the FCC's Enforcement Bureau released a Public Notice highlighting the success of over one year of Operation Clean Carts--curtailing the illegal sale of electronic equipment on the FCC's Covered List and producing a detailed list of best practices for e-commerce platforms. Federal law prohibits the sale ormarketing, including on e-commerce platforms, of certain electronic equipment and devices on the agency's Covered List because they have been found to pose national security risks. Since Chairman Carr first announced the successful launch of Operation Clean Carts, the FCC has worked closely with leading e-commerce companies to rid their platforms of such devices.
Over the past year, platforms participating in Operation Clean Carts have reported blocking or removing more than 18 million listings for devices that are subject to the FCC's Covered List restrictions or are otherwise prohibited under the Commission's regulations. Further, certain platforms have taken their own internal enforcement actions against more than 125,000 third-party sellers who attempted to circumvent platforms' compliance mechanisms.
Earlier this year, the Commission directed its Enforcement Bureau to release a detailed list of best practices to assist e-commerce platforms in complying with FCC marketing rules. The Public Notice released today details an extensive list of recommended best practices under three pillars: (i) Automated Detection and Intake Systems; (ii) Merchant Verification and Onboarding Controls; and (iii) Post-Market Monitoring and Lifecycle Enforcement.
Chairman Carr issued the following statement:
"President Trump has put the safety and security of American citizens and the networks we rely on for communications first. At the FCC, we launched Operation Clean Carts one year ago as part of our broader effort to crack down on foreign adversaries and bad actors alike. It ensures that insecure devices on the FCC's Covered List are not illicitly sold online in America. Today, we are announcing that Operation Clean Carts has secured the removal of 18 million listings for those and other unlawful devices, advancing the security of our people and networks."
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Original text here: https://docs.fcc.gov/public/attachments/DOC-426810A1.pdf
CFTC Sues Louisiana After State Court Blocks CFTC-Regulated Exchanges
WASHINGTON, Nov. 14 -- The Commodity Futures Trading Commission issued the following news release:
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CFTC Sues Louisiana After State Court Blocks CFTC-Regulated Exchanges
November 13, 2026
WASHINGTON -- The Commodity Futures Trading Commission today announced it filed a lawsuit against Louisiana to block the state from prohibiting the offering of event contracts by CFTC-regulated designated contract markets, futures commission merchants, and derivatives clearing organizations.
Louisiana obtained a state court order Thursday shutting down the operation of more than 30 companies in the
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WASHINGTON, Nov. 14 -- The Commodity Futures Trading Commission issued the following news release:
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CFTC Sues Louisiana After State Court Blocks CFTC-Regulated Exchanges
November 13, 2026
WASHINGTON -- The Commodity Futures Trading Commission today announced it filed a lawsuit against Louisiana to block the state from prohibiting the offering of event contracts by CFTC-regulated designated contract markets, futures commission merchants, and derivatives clearing organizations.
Louisiana obtained a state court order Thursday shutting down the operation of more than 30 companies in thestate connected to the trading of CFTC-regulated derivatives products without giving the defendants notice or an opportunity to be heard.
"Event contracts have traded openly in Louisiana for years, in compliance with the Commodity Exchange Act and CFTC regulations," said Chairman Michael S. Selig. "The state's eleventh-hour 'emergency' lawsuit seeking to shut down the entire prediction market industry is naked lawfare and a cynical political stunt. The Commission's lawsuit seeks to maintain the status quo while the federal courts decide this issue in an orderly manner."
Louisiana is the 12th state the CFTC has sued to defend its exclusive jurisdiction over derivatives markets as granted by Congress under the Commodity Exchange Act. The CFTC has also submitted amicus briefs in four federal Courts of Appeal and one state Supreme Court.
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Original text here: https://www.cftc.gov/PressRoom/PressReleases/9326-26
CFTC Files Lawsuit Against Arkansas as the Agency Defends Its Federal Jurisdiction Over Prediction Markets
WASHINGTON, Nov. 14 -- The Commodity Futures Trading Commission issued the following news release:
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CFTC Files Lawsuit Against Arkansas as the Agency Defends its Federal Jurisdiction Over Prediction Markets
November 13, 2026
WASHINGTON -- The Commodity Futures Trading Commission today announced that it has filed a lawsuit against Arkansas to block the state's attempts to halt event-contract trading and impose up to hundreds of millions of dollars in civil penalties on CFTC-registered exchanges.
Arkansas is bringing a civil enforcement against Kalshi in state court, a CFTC-designated
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WASHINGTON, Nov. 14 -- The Commodity Futures Trading Commission issued the following news release:
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CFTC Files Lawsuit Against Arkansas as the Agency Defends its Federal Jurisdiction Over Prediction Markets
November 13, 2026
WASHINGTON -- The Commodity Futures Trading Commission today announced that it has filed a lawsuit against Arkansas to block the state's attempts to halt event-contract trading and impose up to hundreds of millions of dollars in civil penalties on CFTC-registered exchanges.
Arkansas is bringing a civil enforcement against Kalshi in state court, a CFTC-designatedcontract market. Arkansas's efforts to obstruct the functions of CFTC-registered exchanges operating lawfully under the Commodity Exchange Act are preempted by federal law.
"As prediction markets continue to prove their value in being useful for risk management and providing the public with valuable information about the future, Arkansas seeks to shut down event contracts ranging from sports and politics to other important world events," said Chairman Michael S. Selig. "The CFTC will continue to defend its sole jurisdiction over these federally regulated markets as granted by Congress under the Commodity Exchange Act, and the Commission will not let state interference thwart its regulatory efforts and destroy federally regulated markets."
Arkansas is the 11th state the CFTC has sued to vindicate federal sovereign interests. The CFTC has also submitted amicus briefs in four federal Courts of Appeal and one state Supreme Court.
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Original text here: https://www.cftc.gov/PressRoom/PressReleases/9325-26
CFTC Chairman Selig Issues Remarks at Beer Institute Annual Membership Meeting
WASHINGTON, Nov. 14 -- The Commodity Futures Trading Commission issued the following remarks by Chairman Michael S. Selig:
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Remarks at Beer Institute Annual Membership Meeting
Washington, DC
November 13, 2026
Good morning. Thank you to the Beer Institute for bringing us all together today. I'd also like to thank the President and CEO of the Beer Institute, Brian Crawford, and Chairman of the Board of Directors, Rahul Goyal, for all their work on behalf of brewers across our Nation.
Before I provide my remarks, I must note that the views I share today are my own as Chairman and don't
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WASHINGTON, Nov. 14 -- The Commodity Futures Trading Commission issued the following remarks by Chairman Michael S. Selig:
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Remarks at Beer Institute Annual Membership Meeting
Washington, DC
November 13, 2026
Good morning. Thank you to the Beer Institute for bringing us all together today. I'd also like to thank the President and CEO of the Beer Institute, Brian Crawford, and Chairman of the Board of Directors, Rahul Goyal, for all their work on behalf of brewers across our Nation.
Before I provide my remarks, I must note that the views I share today are my own as Chairman and don'tnecessarily reflect those of the Commission.
I appreciate the opportunity to speak with you all about an issue that plays a crucial role in American manufacturing, supports over 870,000 jobs,[1] and defines the cost of doing businesses in this country.
In March, at the Futures Industry Association's annual conference, I highlighted my commitment to bringing base metals and critical minerals markets back to the United States, decreasing reliance on foreign nations, and diversifying reference pricing[2]. When it comes to pricing and warehousing, the U.S. must define its own destiny. And I'm pleased to be here to update you on our progress thus far.
Aluminum is an American Industrial Priority
Aluminum is one of the most important industrial materials in the modern economy. It's essential to transportation, construction, infrastructure, defense, aerospace, and of course, beer. That last one is critically important to everyone here today.
But when we talk about the price of aluminum, we need to distinguish between the global price of the metal and the price an American business pays to obtain it. The London Metal Exchange, or LME, provides a widely used global benchmark for aluminum. The benchmark remains important, but the contract's "cheapest-to-deliver" structure means its price can reflect metal in the lowest cost eligible delivery location, rather than supply and demand conditions or the whole cost of securing physical metal in the U.S.
To domestic beer producers, the LME benchmark is only part of the cost of securing physical aluminum. An additional charge, known as the "Midwest premium," is added to that benchmark to reflect delivery into the United States. That premium, which is an assessment made by the firm S&P Global, has become an increasingly significant component of producers' aluminum cost.
According to S&P Global Commodity Insights, the Midwest premium is assessed at about $1.10 per pound. With the LME benchmark at $1.40 per pound, adding the Midwest premium brings the all in U.S. price to approximately $2.50 - an additional 75% cost on top of the benchmark.
That illustrates the concern for American aluminum consumers. The LME benchmark is anchored to a cheapest-to-deliver structure, while U.S. buyers pay an additional Midwest premium to secure physical metal. Yet the combined price does not necessarily reflect where their aluminum originates, or the costs actually incurred in delivering it. Metal sourced in Canada or the UAE need not pass through an Asian warehouse, and a standardized premium does not distinguish each shipment's transportation costs or tariff treatment. The concern is that American manufacturers, including our beer producers, can face prices incorporating costs that do not reflect their actual supply chains - through a benchmark structure poorly aligned with the U.S physical market.
I know the Beer Institute and U.S. manufacturers have been raising these concerns for years without meaningful action by the Commission. Under my leadership at the CFTC, we intend to change that. I have directed my global markets team to examine these pricing mechanisms and develop concrete reform options that protect U.S. markets and American manufacturers. This is one of my top priorities as Chairman, and I invite everyone in this audience to participate in those discussions with my staff. With your support and cooperation, if we are successful, you'll never have to hear the words "Midwest premium" ever again.
The CFTC's Role
Now, the CFTC doesn't set the price of aluminum. We don't determine how much metal is produced, what it costs to transport, or how global supply and demand evolve.
Our responsibility is to oversee a nearly $600 trillion notional derivatives market and foster this market to be competitive, transparent, and financially sound. We also work to protect market participants from fraud, manipulation, and abusive practices.
In that capacity, we can examine whether the derivatives market infrastructure available to American businesses is meeting their needs. One area worth our time, in my opinion, is whether additional U.S.-based aluminum contracts could improve local price discovery and give commercial end users more effective hedging options. But launching a contract alone is not sufficient. That contract can only be useful if businesses actually participate. It needs liquidity from producers, consumers, and other market participants. That's why industry engagement is so important - so we can hear concerns, and opportunities, for all stakeholders.
Our engagement with agricultural markets offers a useful parallel.
Over the course of the past year, I reconvened the Commission's Agricultural Advisory Committee and Agricultural Commodity Futures Conference to hear directly from market participants about risk management, access to capital, and developments in agricultural derivatives.
The broader lesson applies to aluminum as well: market infrastructure works best when it's informed by the needs of the people who depend on it. I plan to take the same approach to industrial metals.
Recycled Aluminum
We should also consider the role of recycled aluminum.
Recycling is a major part of the domestic aluminum supply chain. It recovers valuable material and generally requires substantially less energy than producing primary aluminum from ore. For the beverage industry, used cans can become the raw material for new cans, which supports a domestic recycling loop.
But recycled aluminum is not a complete substitute for every form of primary metal. Scrap must still be collected, sorted, processed, and transported. Different grades of scrap have different uses, and some applications require additional processing or primary aluminum.
Recyclers and manufacturers therefore face many of the same fundamental challenges: input costs, price volatility, and uncertainty about the value of the material they buy or sell. One of my goals is to strengthen this derivatives market by working closely with various stakeholders to develop a derivatives market structure specifically for recycled aluminum. While better risk-management tools cannot solve every supply chain problem, particularly in a market for recycled product, they can help businesses manage price exposure and make investment decisions with greater confidence.
Consider a manufacturer that uses aluminum every day. It may be able to hedge movements in the global benchmark, but if the regional premium rises sharply, the manufacturer can still face a significant increase in its actual cost of delivered physical metal. That leaves businesses exposed to a risk that can be difficult to manage.
A useful market needs credible price information, and it needs enough participation to support reliable price discovery. It also needs contracts that allow commercial users to transfer the risks they face. If businesses cannot effectively hedge the difference between the global price and the price of physical metal delivered to their market, we should ask if additional tools could help.
That brings me to my broader question: should American businesses have more options for discovering and managing the price of aluminum delivered in the United States?
London has played an important role in global metals markets for decades. Recognizing that role does not mean we should assume that the existing market structure is the only structure worth considering.
The U.S. has deep financial markets, sophisticated exchanges, and extensive experience developing derivatives that serve commercial end users. Our Treasury and agricultural futures markets demonstrate what effective market infrastructure can accomplish. These markets help participants discover prices, transfer risk, and make decisions about production, investment, and financing.
Businesses should have access to markets that reflect their commercial needs, not simply be expected to adapt to whatever tools happen to be available. For aluminum, that means examining whether a U.S.-based contract tied to physical delivery in the American market could provide a useful additional benchmark or a more effective way to hedge regional price exposure.
Tokenization
Now, tokenization is another area that the CFTC spends a lot of time thinking about. When most folks in this room hear the word "tokenization" or "blockchain" they likely think of crypto assets like bitcoin or ether. But tokenization is much broader than native crypto assets. Real-world assets, such as U.S. Treasurys, are also quickly moving from standard electronic warrant systems to being issued on blockchain networks. There's even been experimentation tokenizing agricultural commodities, like cattle, and energy products. Going forward, I see ample opportunities for tokenization to provide innovative ways to address warehousing and collateral frictions - maybe even for some of the folks in this room.
For example, frictions in warehousing could fall as settlement becomes near instantaneous and lot sizes can be customized. No longer will a small warehouser be forced to purchase lot sizes that exceed their capacity. Nor will they have to wait several days for settlement, which would otherwise increase holding costs. Furthermore, auditable warranting made available through tokenization and blockchain networks could improve efficiency and transparency in warehousing, reducing the overall cost of doing business.
We at CFTC recognize that this technological transition is happening quickly. Moving from an ingrained market structure to another entirely new way of doing business can be jarring. And this is why we want to hear from you on how to get this technological transition done right. We cannot stop technological change by looking away from it. Instead, I hope that many of you in this room will help ensure that it develops in a way that best serves American markets and market participants.
Competition is Necessary
Across the Trump administration, we're focused on strengthening American industry and reducing unnecessary barriers to economic growth.
We have also prioritized fighting unfair trade practices which benefit foreign producers, while revitalizing domestic production of aluminum and other metals. These efforts are critical to ensuring a strong, durable domestic aluminum sector.
The success of domestic manufacturing depends on whether businesses can obtain inputs at competitive prices, plan around their costs, and make investments without taking on risks they cannot reasonably manage.
For example, a beverage can manufacturer that can better hedge its aluminum costs will be in a stronger position to plan production. A recycler with better tools to manage price exposure will be better able to evaluate an investment. And a brewer with more predictable packaging costs will have greater flexibility to invest in its workforce, facilities, and products.
Those outcomes are not necessarily guaranteed by a new derivatives contract, but well-functioning markets can help businesses make better decisions and compete more effectively.
That's why we should be willing to challenge the status quo when the evidence suggests that existing arrangements may not be serving commercial users as well as they could. If an existing benchmark serves the market well, it should be able to demonstrate that value. If another venue can offer a better product, commercial users should have the opportunity to choose it.
Ultimately, the CFTC's role is not to pick winners or losers. It's to maintain market integrity and ensure that the rules don't unnecessarily stand in the way of fair competition and responsible innovation within derivatives markets.
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The U.S. has built world-leading financial markets by allowing competition, encouraging innovation, and insisting that markets serve real economic needs.
We can, and should, bring that same discipline to the markets that support American manufacturing.
Thank you.
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[1] New jobs report shows strength, resiliency of U.S. aluminum industry | the Aluminum Association. (2026, June 10). Aluminum.Org. https://www.aluminum.org/news/new-jobs-report-shows-strength-resiliency-us-aluminum-industry
[2] Chairman Michael Selig. Remarks at FIA Global Cleared Market Conference Remarks at FIA Global Cleared Markets Conference | CFTC (Mar. 2026).
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Original text here: https://www.cftc.gov/PressRoom/SpeechesTestimony/opaselig15
