Federal Regulatory Agencies
Federal Regulatory Agencies
Here's a look at documents from federal regulatory agencies
Featured Stories
CFTC Designates Xchange Alpha LLC as a Contract Market
WASHINGTON, Feb. 2 -- The Commodity Futures Trading Commission issued the following news release:* * *
CFTC Designates Xchange Alpha LLC as a Contract Market
*
WASHINGTON -The Commodity Futures Trading Commission today announced it has issued an order designating Xchange Alpha LLC as a designated contract market under Section 5 of the Commodity Exchange Act. Xchange Alpha is registered in Delaware and headquartered in Scottsdale, Arizona.
The CFTC determined Xchange Alpha demonstrated its ability to comply with the CEA and CFTC regulations applicable to DCMs. The terms and conditions of ... Show Full Article WASHINGTON, Feb. 2 -- The Commodity Futures Trading Commission issued the following news release: * * * CFTC Designates Xchange Alpha LLC as a Contract Market * WASHINGTON -The Commodity Futures Trading Commission today announced it has issued an order designating Xchange Alpha LLC as a designated contract market under Section 5 of the Commodity Exchange Act. Xchange Alpha is registered in Delaware and headquartered in Scottsdale, Arizona. The CFTC determined Xchange Alpha demonstrated its ability to comply with the CEA and CFTC regulations applicable to DCMs. The terms and conditions ofthe designation order require, among other things, Xchange Alpha to comply with all applicable provisions of the CEA and the CFTC regulations applicable to DCMs.
The CFTC maintains a list of registered DCMs and applicants for registration, available here.
-CFTC-
***
Original text here: https://www.cftc.gov/PressRoom/PressReleases/9177-26
FMC Suspends Operations Due to Federal Government Shutdown
WASHINGTON, Feb. 2 -- The Federal Maritime Commission issued the following news release:* * *
FMC Suspends Operations Due to Federal Government Shutdown
*
The Federal Maritime Commission (FMC or Commission) is closed effective January 31, 2026, as part of the federal government's shutdown due to a lapse in appropriations. The Commission will resume normal operations when appropriations legislation is enacted, and the federal government reopens. The Commission's current plan for a shutdown due to a lapse in appropriations can be found at: Shutdown Due to Lapse in Appropriations.
With the ... Show Full Article WASHINGTON, Feb. 2 -- The Federal Maritime Commission issued the following news release: * * * FMC Suspends Operations Due to Federal Government Shutdown * The Federal Maritime Commission (FMC or Commission) is closed effective January 31, 2026, as part of the federal government's shutdown due to a lapse in appropriations. The Commission will resume normal operations when appropriations legislation is enacted, and the federal government reopens. The Commission's current plan for a shutdown due to a lapse in appropriations can be found at: Shutdown Due to Lapse in Appropriations. With theexception of Chairman DiBella and Commissioners Rebecca F. Dye, Daniel B. Maffei, and Max Vekich, who are Presidentially-appointed, Senate-confirmed officials, all Commission employees have been placed on furlough and are prohibited by law from performing any duties during the shutdown. As a result, all Commission functions have been suspended, including the following:
* The Commission will not respond to email or phone inquiries.
* The Commission's website will be available during the shutdown, but it will not be updated with new information until operations resume.
* The SERVCON system will be available for service contract filings; however, the FMC will not process submissions.
* The Commission will not accept online filings or applications through its website for the following:
* Ocean Transportation Intermediary (OTI) automated applications or license updates (FMC-18);
* Foreign Unlicensed Non-Vessel-Operating Common Carrier (NVOCC) registrations or renewals (FMC-65);
* Tariff Registration Forms (FMC-1);
* eAgreements Filing System (Ocean carrier or marine terminal operator agreements or amendments); and
* eMonitoring System (Agreement monitoring reports, minutes, transcripts).
* The Commission will not accept filings during this period for:
* Ocean carrier or marine terminal operator agreements or amendments;
* Applications for certification of financial responsibility for cruise lines embarking from U.S. ports; or
* Agreement monitoring reports, minutes, or transcripts.
The Commission's online databases: SERVCON, the Vessel-Operating Common Carrier (VOCC) and NVOCC Tariff List, List of FMC Licensed and Bonded OTIs, and the Agreement Notices & Library will be accessible but will not be updated during the federal government shutdown.
The Commission will not accept or act on complaints or requests for dispute resolution or ombudsman services during the government shutdown.
All filing deadlines in formal and informal adjudicatory and investigatory proceedings pending before the Commission or Administrative Law Judges are temporarily suspended as of 12:01a.m., January 31, 2026. No filings will be processed during the shutdown. All deadlines or time limitations imposed on the Commission for any filed agreements and corresponding dates for agreements and amendments to become effective will also be tolled. Parties should review 46 C.F.R. SS 502.101 for information on filing deadlines that are affected by the Commission being inaccessible during a federal government shutdown.
Upon reopening of the federal government and the Federal Maritime Commission, the public is welcome to contact the Office of the Secretary, (202) 523-5725 or Secretary@fmc.gov, with any questions about filing deadlines or computation of time in proceedings or filings. Parties are expected to comply with all filing deadlines once the Commission has reopened.
The Commission will resume normal operations upon enactment of appropriations legislation.
***
Original text here: https://www.fmc.gov/articles/fmc-suspends-operations-2026feb/
CFTC Staff Issues Interpretation on Legacy Swap Status
WASHINGTON, Feb. 2 -- The Commodity Futures Trading Commission issued the following news release:* * *
CFTC Staff Issues Interpretation on Legacy Swap Status
*
WASHINGTON - The Commodity Futures Trading Commission's Market Participants Division and Division of Clearing and Risk today issued an interpretive letter addressing the effect of a merger conducted as part of an internal reorganization at Morgan Stanley, a CFTC-registered swap dealer, on the status of legacy swaps.
Based on the facts and circumstances of the merger as described in the letter, the divisions concluded the swaps at ... Show Full Article WASHINGTON, Feb. 2 -- The Commodity Futures Trading Commission issued the following news release: * * * CFTC Staff Issues Interpretation on Legacy Swap Status * WASHINGTON - The Commodity Futures Trading Commission's Market Participants Division and Division of Clearing and Risk today issued an interpretive letter addressing the effect of a merger conducted as part of an internal reorganization at Morgan Stanley, a CFTC-registered swap dealer, on the status of legacy swaps. Based on the facts and circumstances of the merger as described in the letter, the divisions concluded the swaps atissue retain their legacy swap status under the Commission's uncleared swap margin and swap clearing requirements.
MPD staff specifically determined Morgan Stanley's legacy swaps retain their status as legacy swaps for any counterparties subject to the CFTC's uncleared swap margin requirements and, thus, remain exempt from them.
DCR staff specifically determined the merger will not cause Morgan Stanley's legacy swaps to lose their legacy status with respect to the CFTC's swap clearing requirement.
-CFTC-
***
Original text here: https://www.cftc.gov/PressRoom/PressReleases/9176-26
Feit Electric, Inc. to Pay $100,000 in EEOC Pregnancy Discrimination Lawsuit
WASHINGTON, Feb. 2 -- The Equal Employment Opportunity Commission issued the following news release:* * *
Feit Electric, Inc. to Pay $100,000 in EEOC Pregnancy Discrimination Lawsuit
*
Settles federal suit charging light bulb manufacturer with firing pregnant employee
LOS ANGELES - Feit Electric Inc., a lightbulb manufacturer based in Los Angeles, agreed to pay $100,000 and provide other relief to settle a pregnancy discrimination lawsuit filed by the U.S. Equal Employment Opportunity Commission (EEOC), the federal agency announced today.
According to the lawsuit, workforce provider Eastridge ... Show Full Article WASHINGTON, Feb. 2 -- The Equal Employment Opportunity Commission issued the following news release: * * * Feit Electric, Inc. to Pay $100,000 in EEOC Pregnancy Discrimination Lawsuit * Settles federal suit charging light bulb manufacturer with firing pregnant employee LOS ANGELES - Feit Electric Inc., a lightbulb manufacturer based in Los Angeles, agreed to pay $100,000 and provide other relief to settle a pregnancy discrimination lawsuit filed by the U.S. Equal Employment Opportunity Commission (EEOC), the federal agency announced today. According to the lawsuit, workforce provider EastridgeWorkforce Solutions assigned a female employee to work at Feit Electric at its Pico Rivera, California warehouse location, where she was subjected to sex discrimination when she was discharged because of her pregnancy.
"Title VII and the Pregnant Workers Fairness Act both provide robust protections against pregnancy discrimination for workers. It is imperative that employers routinely provide updated training to supervisors and managers on EEO laws to protect both employees and employers alike," said Anna Y. Park, regional attorney for the EEOC's Los Angeles District Office. "We commend Feit Electric for providing the monetary relief and for making significant changes to their policies and practices to adhere to both Title VII and the Pregnant Workers Fairness Act."
This settlement, combined with the separate consent decree between the EEOC and Eastridge Workforce Solutions for $185,000 and injunctive relief remedies, brings the total settlement amount to $285,000.
Such alleged conduct violates Title VII of the Civil Rights Act of 1964, as amended, which prohibits discrimination on the basis of pregnancy. The EEOC filed suit (EEOC v. TEG Staffing, Inc., d/b/a Eastridge Workforce Solutions; Feit Electric, Inc., et al., Case No. 2:25-cv-09314) in U.S. District Court for the Central District of California after first attempting to reach a pre-litigation settlement through its administrative conciliation process.
The three-year consent decree resolving this portion of the case requires Feit Electric to pay $100,000 in monetary relief to the former employee; to retain an equal employment opportunity monitor; and to review and revise its discrimination policies and procedures to include acknowledgement of the many types of available and appropriate pregnancy-related accommodations. The company will also publish a statement on its website noting that it is an equal opportunity employer, provide training on Title VII and the Pregnant Workers Fairness Act, distribute policies, and revise its procedures for working with staffing agencies when it comes to complaints of discrimination.
"Congress has proclaimed time and again that women have fundamental protections from discrimination at work due to their pregnancy, including through the Pregnancy Discrimination Act and the Pregnant Workers Fairness Act," said Christine Park-Gonzalez, director of the EEOC's Los Angeles District Office. "Employers must ensure their policies and practices are in line with the expectations set forth by Congress and enforced by the EEOC."
For more information on pregnancy discrimination, please visit https://www.eeoc.gov/pregnancy-discrimination.
The EEOC's Los Angeles District includes central and southern California, southern Nevada, Hawaii, Guam, American Samoa, Wake Island and the Northern Mariana Islands, with offices in Los Angeles, Fresno, Las Vegas, San Diego and Honolulu.
The EEOC is the sole federal agency authorized to investigate and litigate against businesses and other private sector employers for violations of federal laws prohibiting employment discrimination. For public sector employers, the EEOC shares jurisdiction with the Department of Justice's Civil Rights Division. The EEOC also is responsible for coordinating the federal government's employment antidiscrimination effort. More information about the EEOC is available at www.eeoc.gov.
***
Original text here: https://www.eeoc.gov/newsroom/feit-electric-inc-pay-100000-eeoc-pregnancy-discrimination-lawsuit
SEC Announces Final Consent Judgment Resolving Insider Trading Enforcement Action In Federal Court
WASHINGTON, Jan. 31 -- The Securities and Exchange Commission issued the following litigation release (No. 1:23-cv-01491; S.D.N.Y. filed Feb. 22, 2023) involving Kevin A. Van de Grift:* * *
The Securities and Exchange Commission announced today the entry of a final consent judgment as to Kevin A. Van de Grift in the SEC's civil enforcement action that charged Van de Grift, a day-trader and certified public accountant, and his close friend, Gil Friendman, with insider trading.
According to the SEC's complaint, filed in federal district court in New York, Friedman - a former consultant for Francisco ... Show Full Article WASHINGTON, Jan. 31 -- The Securities and Exchange Commission issued the following litigation release (No. 1:23-cv-01491; S.D.N.Y. filed Feb. 22, 2023) involving Kevin A. Van de Grift: * * * The Securities and Exchange Commission announced today the entry of a final consent judgment as to Kevin A. Van de Grift in the SEC's civil enforcement action that charged Van de Grift, a day-trader and certified public accountant, and his close friend, Gil Friendman, with insider trading. According to the SEC's complaint, filed in federal district court in New York, Friedman - a former consultant for FranciscoPartners Management, L.P. - tipped Van de Grift with material, nonpublic information concerning Francisco Partners' potential acquisition of Verifone Systems, Inc. The SEC alleged that based on Friedman's tip, Van de Grift purchased 60,000 shares of Verifone stock from March 5, 2018 through March 9, 2018, and subsequently sold all of these shares the day after the April 9, 2018 public announcement of the acquisition agreement for a profit of approximately $300,000.
Without admitting or denying the allegations, Van de Grift consented to the entry of a final judgment permanently enjoining him from violating the antifraud provisions of Section 10(b) of the Securities and Exchange Act of 1934 and Rule 10b-5 thereunder, barring him from serving as an officer or director of a public company for five years, ordering him to pay disgorgement of $298,000 plus prejudgment interest of $69,022.67, and imposing a civil penalty of $298,000. The final judgment was entered by the Court on January 27, 2026.
Van de Grift has also agreed to settle an administrative proceeding pursuant to Rule 102(e) of the SEC's Rules of Practice, suspending him from appearing or practicing before the SEC as an accountant with the right to apply for reinstatement after five years.
Mr. Friedman previously settled the SEC's litigation.
The SEC's litigation against Friedman and Van de Grift was conducted by Sharan Lieberman, Michael Cates, and James McDonald and supervised by Gregory Kasper and Nicholas Heinke, all of the SEC's Denver Regional Office. The SEC's investigation was conducted by Mr. Cates, with assistance from Daniel Konosky, and was supervised by Ian Karpel and Mr. Heinke. The SEC acknowledges the assistance and cooperation of the Financial Industry Regulatory Authority.
* * *
Resources
* Final Judgment (https://www.sec.gov/files/litigation/litreleases/2026/judg26473.pdf)
* * *
Original text here: https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26473
NRC to Hold Public Meeting on Development of 2026-2030 Strategic Plan and Agency Priority Questions
WASHINGTON, Jan. 31 -- The Nuclear Regulatory Commission issued the following news release on Jan. 30, 2026:* * *
NRC to Hold Public Meeting on Development of 2026-2030 Strategic Plan and Agency Priority Questions
The Nuclear Regulatory Commission will hold a hybrid public meeting on Feb. 12, from 10-11:30 a.m. Eastern time to gather stakeholder feedback to inform development of the agency's Fiscal Year 2026-2030 Strategic Plan and Agency Priority Questions. The meeting will include a brief presentation by NRC staff followed by an opportunity for public comments.
"The ADVANCE Act and Executive ... Show Full Article WASHINGTON, Jan. 31 -- The Nuclear Regulatory Commission issued the following news release on Jan. 30, 2026: * * * NRC to Hold Public Meeting on Development of 2026-2030 Strategic Plan and Agency Priority Questions The Nuclear Regulatory Commission will hold a hybrid public meeting on Feb. 12, from 10-11:30 a.m. Eastern time to gather stakeholder feedback to inform development of the agency's Fiscal Year 2026-2030 Strategic Plan and Agency Priority Questions. The meeting will include a brief presentation by NRC staff followed by an opportunity for public comments. "The ADVANCE Act and ExecutiveOrder 14300 have afforded us a tremendous opportunity to reshape how we regulate nuclear safety, and we are excited to update our Strategic Plan to reflect how we are meeting the moment to maintain oversight of the current operating fleet while enabling the next generation of nuclear technologies," said Mike King, the Executive Director for Operations. "This meeting gives you--the public, our stakeholders--a voice in helping shape our focus for the next four years."
Stakeholders can attend the meeting in person at NRC Headquarters at 11555 Rockville Pike in North Bethesda, Maryland, or via webcast. The meeting notice includes instructions for in-person and online attendance. After the public meeting, presentation materials will be posted on the NRC external website, along with an email address for submitting feedback for a limited period. Those who are unable to attend the meeting but interested in obtaining the meeting materials can also reach out to the contacts listed in the meeting notice.
The NRC's Strategic Plan provides the four-year blueprint to plan, implement, and monitor work needed to achieve the agency's mission. The Priority Questions identify the most important questions the agency needs to answer about its programs, policies, and regulations, and to inform decision making.
* * *
The U.S. Nuclear Regulatory Commission was created as an expert, technical agency to protect public health, safety, and security, and regulate the civilian use of nuclear materials, including enabling the deployment of nuclear power for the benefit of society. Among other responsibilities, the agency issues licenses, conducts inspections, initiates and enforces regulations, and plans for incident response. The global gold standard for nuclear regulation, the NRC is collaborating with interagency partners to implement reforms outlined in new Executive Orders and the ADVANCE Act to streamline agency activities and enhance efficiency.
* * *
Original text here: https://www.nrc.gov/sites/default/files/cdn/doc-collection-news/2026/26-013.pdf
FEC Issues Digest for Week of Jan. 26-30, 2026
WASHINGTON, Jan. 31 -- The Federal Election Commission issued the following weekly digest:* * *
Commission meetings and hearings
No open meetings or executive sessions were scheduled this week.
* * *
Litigation
Bernegger v. FEC (Case No. 25-4072) On January 29, the Commission filed a Notice of Lack of Quorum in the U.S. District Court for the District of Columbia.
Bernegger v. FEC (Case No. 25-4559) On January 29, the Commission filed a Notice of Lack of Quorum in the U.S. District Court for the District of Columbia.
Bernegger v. FEC (Case No. 26-106) On January 29, the Commission filed ... Show Full Article WASHINGTON, Jan. 31 -- The Federal Election Commission issued the following weekly digest: * * * Commission meetings and hearings No open meetings or executive sessions were scheduled this week. * * * Litigation Bernegger v. FEC (Case No. 25-4072) On January 29, the Commission filed a Notice of Lack of Quorum in the U.S. District Court for the District of Columbia. Bernegger v. FEC (Case No. 25-4559) On January 29, the Commission filed a Notice of Lack of Quorum in the U.S. District Court for the District of Columbia. Bernegger v. FEC (Case No. 26-106) On January 29, the Commission fileda Notice of Lack of Quorum in the U.S. District Court for the District of Columbia.
Campaign Legal Center, et al. v. FEC (Case No. 23-3163) On January 30, the U.S. District Court for the District of Columbia issued a Memorandum Opinion and Order granting Plaintiffs' Motion for Summary Judgment and denying the Commission's Motion for Summary Judgment, concluding that the Commission's delay in acting on Plaintiffs' Petition for Rulemaking was unreasonable in violation of the Administrative Procedure Act.
* * *
Public Disclosure
On January 28, the Office of the Inspector General made public its FY 2026 Oversight Plan.
* * *
Press releases
District Court issues opinion and order in Campaign Legal Center, et al. v. FEC (23-3163) (issued January 30)
* * *
Reports Due in 2026
The Commission has posted the 2026 Congressional Pre-Election Reporting Dates. Reporting schedules for all filers in 2026 are also available.
* * *
Election Dates
The Commission has posted a list of 2026 Congressional Primary Dates.
* * *
Employment opportunities
The Commission is accepting applications for the position of Campaign Finance Analyst through February 11, 2026.
* * *
Upcoming educational opportunities
February 17-18, 2026: The Commission is scheduled to host a webinar for candidate committees.
March 3-4, 2026: The Commission is scheduled to host a webinar for political party committees.
March 18, 2026: The Commission is scheduled to host a webinar for Nonconnected PACs.
For more information on upcoming training opportunities, see the Commission's Trainings page.
* * *
Upcoming reporting due dates
January 31, 2026: Year-End Reports are due. For more information, see the 2026 Quarterly and Monthly Reporting schedules.
The Commission has posted filing information regarding the Special Runoff Election in the 18th District of Texas, scheduled for January 31, 2026.
The Commission has posted filing information regarding the New Jersey 11th District Special Primary Election, scheduled for February 5, 2026, and the Special General Election, scheduled for April 16, 2026.
The Commission has posted filing information regarding the Georgia 14th District Special General Election, scheduled for March 10, 2026, and Special Runoff Election (if necessary), scheduled for April 7, 2026.
The Commission has posted filing information regarding the California 1st District Special General Election, scheduled for June 2, 2026, and Special Runoff Election (if necessary), scheduled for August 4, 2026.
* * *
Additional research materials
Contribution Limits: In addition to the current limits, the Commission has posted an archive of contribution limits that were in effect going back to the 1975-1976 election cycles.
Federal election results are available. The data was compiled from the official vote totals published by state election offices.
FEC Notify: Want to be notified by email when campaign finance reports are received by the agency? Sign up here.
The Combined Federal State Disclosure and Election Directory is available. This publication identifies the federal and state agencies responsible for the disclosure of campaign finances, lobbying, personal finances, public financing, candidates on the ballot, election results, spending on state initiatives, and other financial filings.
The Presidential Election Campaign Fund Tax Checkoff Chart provides information on balance of the Fund, monthly deposits into the Fund reported by the Department of the Treasury, payments from the Fund as certified by the FEC, and participation rates of taxpayers as reported by the Internal Revenue Service. For more information on the Presidential Public Funding Program, see the Public Funding of Presidential Elections page.
The FEC Record is available as a continuously updated online news source.
* * *
Original text here: https://www.fec.gov/updates/week-of-january-26-30-2026/
FCC: Protecting US Networks From Foreign Adversary Control
WASHINGTON, Jan. 31 -- The Federal Communications Commission issued the following statement on Jan. 30, 2026, by Chairman Brendan Carr:* * *
Protecting US Networks from Foreign Adversary Control
STATEMENT OF CHAIRMAN BRENDAN CARR
Re: Protecting our Communications Networks by Promoting Transparency Regarding Foreign Adversary Control, GN Docket No. 25-166, Report and Order (January 29, 2026).
Almost four years ago now, I said that the FCC should publish a list of every entity with an FCC license or authorization that is owned or controlled by a foreign adversary government. Fast-forward to ... Show Full Article WASHINGTON, Jan. 31 -- The Federal Communications Commission issued the following statement on Jan. 30, 2026, by Chairman Brendan Carr: * * * Protecting US Networks from Foreign Adversary Control STATEMENT OF CHAIRMAN BRENDAN CARR Re: Protecting our Communications Networks by Promoting Transparency Regarding Foreign Adversary Control, GN Docket No. 25-166, Report and Order (January 29, 2026). Almost four years ago now, I said that the FCC should publish a list of every entity with an FCC license or authorization that is owned or controlled by a foreign adversary government. Fast-forward totoday, and the Commission now votes to complete a rulemaking that does exactly that.
This decision also builds on the specific and concrete steps the FCC has been taking to promote our country's national security. Indeed, from the day I stepped into this role a year ago, I made national security a priority, establishing a Council on National Security to coordinate actions across the Commission. Today's item includes sections from 10 Bureaus and Offices, reflecting our comprehensive, Commission-wide approach to national security.
Foreign adversaries have made clear their intent to probe and penetrate vulnerabilities across our communications ecosystem. We have seen this through cyberattacks like Salt Typhoon. We have seen it in the equipment pipeline, where foreign adversary controlled labs could attempt to influence the testing and approval of devices bound for the U.S. marketplace. We have seen it in the online marketplace, where millions of prohibited devices linked to foreign adversaries were being sold to American consumers. And we have seen it at the carrier level, where entities with concerning ties to foreign governments have sought to operate in U.S. networks despite clear national security risks. In all of these areas, the FCC has taken action.
We do so again today. This decision builds on a year's worth of national security initiatives and establishes a uniform system for identifying foreign adversary control across all FCC licensees and authorization holders. This item sets up a clear, risk-based reporting structure that requires entities to attest to whether they are owned by, controlled by, or subject to the direction of a foreign adversary. This approach tracks and broadens the bipartisan FACT Act led by Senator Deb Fischer, and I appreciate the leadership behind that legislation.
This single, consolidated reporting system will give us and our national security partners the visibility needed to spot foreign adversary control before it is exploited. Additionally, this action will fill gaps in our information collection and ensure that we have consistent visibility across all entities that come before the Commission.
At a time when foreign adversaries are probing for weaknesses in our communications infrastructure, the FCC must lead with clarity and resolve. Today's action reflects that responsibility.
This has truly been an agency wide effort. And for their work on today's item, I'd like to thank Joseph Calascione, Allison Baker, Jodie May, Mason Shefa and Shabbir Hamid from the Wireline Competition Bureau; Chris Smeenk from the Public Safety & Homeland Security Bureau; Michael Scott from the Consumer and Governmental Affairs Bureau; Jamie McCoy from the Enforcement Bureau; Jamie Coleman from the Office of Engineering and Technology; Douglas Klein from the Office of General Counsel; Tanner Hinkel from the Office of Economics and Analytics, Gabrielle Kim from the Office of International Affairs; Brendan Murray from the Media Bureau; Carolyn Mahoney from the Space Bureau; and Thomas Reed and Roger Noel from the Wireless Telecommunications Bureau.
* * *
Original text here: https://docs.fcc.gov/public/attachments/FCC-26-2A2.pdf
FCC Votes to Enable Better, Faster Wi-Fi and Next-Gen Connectivity
WASHINGTON, Jan. 31 -- The Federal Communications Commission issued the following statement on Jan. 30, 2026, by Chairman Brendan Carr:* * *
FCC Votes to Enable Better, Faster Wi-Fi and Next-Gen Connectivity
STATEMENT OF CHAIRMAN BRENDAN CARR
Re: Unlicensed Use of the 6 GHz Band; Expanding Flexible Use in Mid-Band Spectrum Between 3.7 and 24 GHz, Fourth Report and Order and Third Further Notice of Proposed Rulemaking, ET Docket No. 18-295, and GN Docket No. 17-183 (January 29, 2026).
Earlier this month, I made the annual pilgrimage to the Consumer Electronics Show in Las Vegas. And as is ... Show Full Article WASHINGTON, Jan. 31 -- The Federal Communications Commission issued the following statement on Jan. 30, 2026, by Chairman Brendan Carr: * * * FCC Votes to Enable Better, Faster Wi-Fi and Next-Gen Connectivity STATEMENT OF CHAIRMAN BRENDAN CARR Re: Unlicensed Use of the 6 GHz Band; Expanding Flexible Use in Mid-Band Spectrum Between 3.7 and 24 GHz, Fourth Report and Order and Third Further Notice of Proposed Rulemaking, ET Docket No. 18-295, and GN Docket No. 17-183 (January 29, 2026). Earlier this month, I made the annual pilgrimage to the Consumer Electronics Show in Las Vegas. And as istradition, I eventually found a chance to duck out and stroll the bustling floor, where I admired the whiz-bang gadgets on display--robots, concept cars, paper-thin TVs, you name it. Witnessing ingenuity in action never gets old.
But perhaps one of the most consequential innovations at CES was not as exotic: the next generation of Wi-Fi. You see, at this year's show, America's tech industry debuted Wi-Fi 8 routers and chips for launch as soon as this year. This next generation of Wi-Fi will offer blazing fast speeds and massive bandwidth with more efficient power, higher throughput, and better client-to-client communications.
That is a big deal. After all, we have seen so much innovation take place across our spectrum bands--both licensed and unlicensed. And at CES, you could see unlicensed bands powering everything from AI-enabled wearables to consumer drones (American-made drones, of course).
Now, you might not have seen the FCC's own dedicated teams of engineers at CES. But they deserve a shoutout here because they are the ones who worked tirelessly to bring more unlicensed spectrum to the marketplace and to allow innovators to supercharge existing unlicensed bands.
In 2020, under the first Trump Administration, Chairman Ajit Pai recognized that we faced an acute shortage of unlicensed spectrum as American companies were busy building a new generation of consumer devices. So, the FCC went big and opened up 1,200 megahertz in the 6 GHz band for unlicensed use. Consumers across America now benefit from a better Wi Fi experience.
Today, we build on that foundation and offer more flexibility to support future innovations in the 6 GHz band. We create a new class of devices known as geofenced variable power devices (a name that just rolls right off the tongue). These devices can operate at higher power and--unlike previous device categories--can be used both indoors and outdoors. With these devices, we are finally filling an important gap left open by our previous decisions. To make it possible, we will use geofencing to protect incumbent users from interference.
With higher power and outdoor mobility, expect more compelling AR/VR, short range hotspots, automation, and navigation. And importantly, we keep the 6 GHz band moving forward as a platform for America's wireless leadership and technological dynamism. Our consumers, our economy, and our innovators will be better off for it.
President Trump has been clear that the Administration is working successfully to unleash America's technological leadership. And today's FCC decision marks another win in this broader effort.
For their work on this item, I would like to thank Andrew Hendrickson, Nicholas Oros, Michael Ha, Bahman Badipour, Aole Wilkinsel, Aniqa Tahsin, and Matthew Miller at the Office of Engineering and Technology and Keith McCrickard from the Office of General Counsel and Aleks Yankelevich, Cher Li, and Patrick Sun from the Office of Economics & Analytics.
* * *
Original text here: https://docs.fcc.gov/public/attachments/FCC-26-1A2.pdf
FCC Proposes Additional Modernizations to Agency's TRS Rules
WASHINGTON, Jan. 31 -- The Federal Communications Commission issued the following statement on Jan. 30, 2026, by Chairman Brendan Carr:* * *
FCC Proposes Additional Modernizations to Agency's TRS Rules
STATEMENT OF CHAIRMAN BRENDAN CARR
Re: Telecommunications Relay Services and Speech to-Speech Services for Individuals with Hearing and Speech Disabilities; Structure and Practices of the Video Relay Service Program; Misuse of Internet Protocol Relay Service, CG Docket Nos. 03-123, 10-51, 12-38, Notice of Proposed Rulemaking (January 29, 2026).
Last year marked the 35th Anniversary of the Americans ... Show Full Article WASHINGTON, Jan. 31 -- The Federal Communications Commission issued the following statement on Jan. 30, 2026, by Chairman Brendan Carr: * * * FCC Proposes Additional Modernizations to Agency's TRS Rules STATEMENT OF CHAIRMAN BRENDAN CARR Re: Telecommunications Relay Services and Speech to-Speech Services for Individuals with Hearing and Speech Disabilities; Structure and Practices of the Video Relay Service Program; Misuse of Internet Protocol Relay Service, CG Docket Nos. 03-123, 10-51, 12-38, Notice of Proposed Rulemaking (January 29, 2026). Last year marked the 35th Anniversary of the Americanswith Disabilities Act. The FCC plays a critical role in implementing and enforcing the ADA's requirements, including for Telecommunications Relay Services, which allow deaf, hard-of-hearing, or speech impaired individuals to place or receive telephone calls in a functionally equivalent way.
Last fall, we kicked off a proceeding to modernize analog TRS. At the time, I said it was time for the agency to take a first principles approach to accessibility to ensure that the FCC's rules are aligned with modern technology. The technological advancements that necessitated a fresh look at analog TRS also impact IP-based TRS. With today's item, we continue the work we started last year by proposing targeted reforms to Internet-based forms of TRS. This is what I'm calling TRS modernization part two, and this action supports our broader effort to encourage the IP transition. As we make the transition, we are mindful of consumer protection provisions and necessary updates to them like those we propose today.
Principally, we seek comment on changes to improve the provision of IP Relay and Video Relay Service. We also seek comment on streamlining our rules and deleting or updating outdated rules that no longer reflect reality. I look forward to a robust record in this proceeding.
For their great work on this item, I would like to thank Eduard Bartholme, Lisa Wilson Edwards, Michael Scott, William David Wallace, and Joshua Mendelsohn from the Consumer and Governmental Affairs Bureau. I would also like to thank staff from the Office of General Counsel, Office of Economics and Analytics, Office of the Managing Director, Office of Communications Business Opportunities, Wireline Competition Bureau, and Enforcement Bureau for their contributions to this item.
* * *
Original text here: https://docs.fcc.gov/public/attachments/FCC-26-4A2.pdf
CFTC Chairman Selig Issues Remarks at CFTC-SEC Event on U.S. Financial Leadership in Crypto Era
WASHINGTON, Jan. 31 -- The Commodity Futures Trading Commission issued the following remarks on Jan. 29, 2026, by Chairman Michael S. Selig at an event entitled "CFTC-SEC Harmonization: U.S. Financial Leadership in the Crypto Era":* * *
The Next Phase of Project Crypto: Unleashing Innovation for the New Frontier of Finance
Good afternoon. Thank you, Chairman Atkins, for your kind introduction. And, to our guests, welcome to the Commodity Futures Trading Commission. Before I begin, I must note that the views I share today are my own as Chairman and do not necessarily reflect those of the Commission.
I ... Show Full Article WASHINGTON, Jan. 31 -- The Commodity Futures Trading Commission issued the following remarks on Jan. 29, 2026, by Chairman Michael S. Selig at an event entitled "CFTC-SEC Harmonization: U.S. Financial Leadership in the Crypto Era": * * * The Next Phase of Project Crypto: Unleashing Innovation for the New Frontier of Finance Good afternoon. Thank you, Chairman Atkins, for your kind introduction. And, to our guests, welcome to the Commodity Futures Trading Commission. Before I begin, I must note that the views I share today are my own as Chairman and do not necessarily reflect those of the Commission. Iam pleased that my first public remarks as Chairman could be here at the CFTC, an institution with a rich and distinguished heritage of overseeing markets that facilitate price discovery, risk management, and reliable commodity prices for everyday Americans.
As these are my first public remarks, I would like to begin with a few words of thanks:
First, to President Trump, I am grateful for the trust and confidence you have placed in me to lead the Commission during this historic time.
Second, to Chairman Atkins, it was the honor of a lifetime to work with you and Commissioner Peirce at the SEC. You are a principled and inspiring leader. And I am thrilled to work with you in this new role to modernize and harmonize our agencies' regulatory frameworks.
Third, to the dedicated staff of the CFTC, thank you for the warm welcome. This agency's reputation is a direct reflection of your expertise, professionalism, and public service. I look forward to partnering with you as we carry that responsibility forward.
Today marks the beginning of a new chapter for the CFTC. One that builds on the Commission's legacy while sharpening its focus on regulatory clarity, inter-agency coordination, and permissionless innovation.
From Open Outcry to Open Source: A Tradition of Market Innovation
For more than a century and a half, America's commodity futures markets have served a proving ground for innovation--not just in what is traded, but in how risk is managed, prices are discovered, and trust is established among market participants.
That tradition began in earnest in 1848, with the founding of the Chicago Board of Trade. What started as a physical meeting place for merchants trading grain and livestock quickly evolved into something more consequential: a system for standardizing contracts, aggregating dispersed information, and enabling producers and consumers to manage price risk over time.
As trading activity expanded in the late nineteenth century, new distribution technologies--telegraph lines, railroads, and printed quotations--dramatically broadened access to market prices. Alongside organized exchanges, informal venues known as "bucket shops" emerged--offering retail customers exposure to commodity prices without requiring physical delivery. While these operations often lacked quality and integrity, their popularity underscored a growing public appetite for participation in price discovery and risk-taking tied to real economic activity.
In response, organized exchanges moved to reinforce the distinction between transparent, rules-based markets and purely speculative imitation. Litigation over access to price quotations culminated in judicial recognition of the exchanges' role in safeguarding market integrity. In the end, the Board of Trade obtained a victory at the U.S Supreme Court[1] and trading in the future price of commodities migrated onto organized trading venues that came to be known as "pits" because of their unique physical design.
The economic dislocation of the Great Depression prompted Congress to formalize this framework. The Commodity Exchange Act required futures trading to occur on organized exchanges and obligated so-called "designated contract markets" (DCMs) to enforce rules to prevent fraud and manipulation. In 1974, the Commodity Futures Trading Commission was established to oversee these markets as they continued to evolve.
As American ingenuity progressed, innovation again reshaped market structure. Open trading floors gave way to electronic platforms. Without the restriction of limited real estate, the universe of futures contracts exploded as new exchanges proliferated, listing thousands of unique products. Congress responded not by freezing markets in place, but by modernizing market oversight. During this period of rapid transformation, Congress and the CFTC collaborated to craft the Commodity Futures Modernization Act, which embraced self-certification and principles-based regulation, recognizing that markets innovate faster than prescriptive rulebooks--and that regulatory frameworks must be durable and flexible.
Around this period, the CFTC and SEC were grappling with jurisdictional questions concerning new derivatives products, including single-stock and security index futures. The absence of clear statutory alignment created uncertainty for market participants and constrained domestic development. Over time, however, the agencies, working with Congress, came together to resolve these questions through the "Shad-Johnson Accord," restoring clarity and enabling these markets to thrive here in the U.S.
Today, commodity markets are once again experiencing a period of rapid transformation. Blockchains, crypto assets, and smart contracts are introducing new methods for trading, clearing, settling, margining, and collateralizing commodity price exposures. These innovations have the potential to reduce operational frictions by enhancing liquidity and streamlining post-trade processes. At the same time, new products such as prediction markets, "mini" contracts, and perpetual futures have experienced rapid adoption. We are witnessing the foundation of modern markets take shape.
As this transformation unfolds, the CFTC has an opportunity to build on its historic role as a forward-looking regulator. By applying clear rules, principles-based oversight, and harmonizing with fellow regulators, the Commission can help ensure that the next generation of commodity markets develop onshore--continuing a legacy that stretches from the grain pits of Chicago to the digital markets of the future.
America at 250: The Crypto Capital of the World
America is home to the most transparent and well-regulated financial markets in the world--markets that are grounded in market integrity and institutional trust. With thoughtful engagement and a commitment to principled innovation, the U.S. is uniquely positioned to extend its preeminence into the crypto era.
And thanks to the leadership of President Trump, "Operation Chokepoint 2.0" is history, regulation by enforcement is dead, the GENIUS Act is law, Congress is on the cusp of passing market structure legislation, and the U.S. is now the crypto capital of the world.
But we cannot assume this will always be the case. America's financial regulators must modernize and harmonize their approach to regulation to future-proof our markets for the innovations of tomorrow. And, while market structure legislation will certainly advance these goals, we cannot and will not let this opportunity pass us by while Congress continues its work.
That is why I have already directed CFTC staff to make full use of the agency's existing authorities to begin upgrading our regulations for America's Golden Age. Whether incumbents or new entrants, the CFTC's doors are open to those looking to innovate.
Project Crypto: Modernizing and Harmonizing Financial Regulation for the Golden Age
Before I share some exciting news, I would like to thank former Commissioner Caroline Pham for her leadership as acting chairman. She took important steps to position the CFTC for the future by launching the Crypto Sprint initiative, which helped orient the agency at a critical moment towards the opportunities and challenges presented by crypto assets.
Today, we are building on that foundation. Rather than running a parallel initiative with the SEC, I am pleased to announce that the CFTC is partnering with the SEC on Project Crypto--bringing coordination, coherence, and a unified approach to the federal oversight of crypto asset markets.
Project Crypto recognizes that crypto markets span across our agencies' respective regulatory boundaries. Chairman Atkins and I view this moment as a generational opportunity for our agencies to collaborate on clear, durable, rules of the road for these markets.
Through this partnership, we will advance a clear crypto asset taxonomy, clarify jurisdictional lines, remove duplicative compliance requirements, and reduce regulatory fragmentation--ensuring that innovation takes root on American soil, under American law, and in service of American investors, customers, and businesses.
New Accord: Delivering Clarity and Certainty to Crypto Asset Markets
Earlier, I mentioned the historic Shad-Johnson Accord, which resolved one jurisdictional dispute between the CFTC and SEC and was later codified into statute. With a wide range of new crypto assets and on-chain financial markets, we're due for a new cross-agency agreement to govern these markets.
I agree with Chairman Atkins that "most crypto assets trading today are not securities."[2] But, for too long, crypto asset market participants have struggled to determine whether they are subject to regulation by the SEC, the CFTC, or both. Instead of leaving the industry trapped in uncertainty, as we witnessed under prior administrations, it is incumbent on us to draw a bright jurisdictional line for our nation's builders and innovators.
Chairman Atkins recently laid out a common-sense crypto asset taxonomy that would make clear that digital commodities, digital collectibles, and digital tools are not "securities"--even when they are sold as part of an investment contract.[3] I have directed Commission staff to work together with SEC staff to consider joint codification of this framework as an interim measure while Congress finalizes legislation.
Liquid and Programmable: Expanding Eligible Tokenized Collateral
With a clearer taxonomy in place, the next question becomes how blockchain technologies can be harnessed to strengthen market resilience and market functions.
In certain markets, 24/7 trading offers meaningful advantages, particularly where global participation is essential to market efficiency.
High-quality tokenized collateral that can move seamlessly across venues has the potential to make liquidity more dynamic and markets more resilient. As on-chain capabilities mature, they also create opportunities for new tools, including artificial intelligence-driven systems and autonomous software, to interact directly with tokenized collateral. These systems can programmatically monitor risk in real time and execute predefined strategies within established guardrails. In this way, tokenization and automation can begin to fulfill the original promise of blockchain technologies: a more open, transparent, and efficient market infrastructure.
To achieve this work, and to help unleash American innovation, I have directed CFTC staff to develop rules to enable the responsible deployment of additional forms of eligible tokenized collateral.
Limitless: Onshoring True Perpetual Derivatives
The pace of innovation with crypto assets has also led to experimentation with novel types of derivatives.
Derivatives with no fixed maturity date, known as "perpetual contracts," have emerged as widely used tools for risk-management and price-discovery. Yet, despite clear market demand, the prior administration failed to create a pathway for these markets to exist onshore.
Reversing this misstep requires transparent and workable frameworks that allow true perpetual derivative products to be offered responsibly in the U.S. under common-sense regulations. And--under my leadership--the CFTC will use the tools at its disposal to onshore perpetual and other novel derivative products so that they can flourish across both centralized and decentralized markets, subject to appropriate safeguards.
Safe Harbors for Software Developers and Users: Unleashing Permissionless Innovation
As our markets continue to evolve, digital wallets, decentralized finance protocols, layer-2 networks, and other on-chain software systems are now part of everyday finance. However, uncertainty persists regarding the appropriate regulatory treatment of these technologies under the CFTC's existing framework.
The Commission's existing rules were designed for--and assume--a centralized intermediary model. With the advent of on-chain financial markets, we must revisit these design choices and assumptions to facilitate permissionless innovation or risk ceding our global leadership to the many foreign nations that will welcome our builders with open arms--an unacceptable outcome.
On-chain systems exist on a spectrum of decentralization. In certain instances, there may exist non-custodial digital wallets or user interfaces that merely function as digital rails through which users can directly interact with programmatic, self-executing software code. In other instances, there may be more centralized touchpoints.
Under my leadership, the CFTC will explore ways in which the agency can encourage innovation in software development and support builders as they work toward product market fit, including by assessing whether an innovation exemption may be appropriate in certain circumstances.
At every step, our actions will reflect a commitment to establish clear and unambiguous safe harbors for software developers to ensure that the crypto innovations of today and tomorrow are Made in America.
Leveraged Crypto Asset Trading: Enhancing Optionality for Market Participants
While I share the excitement around decentralized financial systems, intermediated trading will continue to play an important role in crypto markets. That includes trading conducted both on- and off-exchange with leverage, margin, or financing. In that spirit, we are already taking concrete steps to foster these trading activities.
First, I have directed CFTC staff to begin drafting rules clarifying when leveraged, margined, or financed retail commodity transactions in crypto may be offered off-exchange under an "actual delivery" exception.
Second, I have asked CFTC staff to begin drafting rules codifying requirements for DCMs that choose to offer these transactions on their current platforms. Codification will promote consistency, transparency, and a uniform application of core protections across venues--hallmarks of the CFTC's regulatory regime.
Finally, I have directed CFTC staff to explore the creation of a new category of DCM registration that is tailored specifically to retail leveraged, margined, or financed crypto asset trading. These venues would perform functions similar to traditional DCMs but operate under a purpose-fit regulatory framework.
Harmonization: Facilitating Substituted Compliance and Super-Apps
Now, our modernized approach will fall short unless it is paired with continued harmonization between the CFTC and the SEC.
Fragmented oversight imposes real economic costs--raising barriers to entry, reducing competition, increasing compliance expenses, and encouraging regulatory arbitrage rather than productive investment. Recognizing this, I intend for the CFTC to work closely with the SEC to identify opportunities to better align regulatory requirements across markets.
The objective is not to blur statutory boundaries, but to reduce unnecessary duplication that does not improve market integrity. As part of this harmonization effort, we will examine whether substituted compliance can achieve equivalent or better regulatory outcomes at lower costs for market participants. Within the bounds of the law and where appropriate, market participants should be able to offer multiple products through a single platform without navigating an inefficient patchwork of registrations and overlapping regulatory regimes.
Prediction Markets: Forecasting the Future
Last, but certainly not least, I would be remiss if I did not address prediction markets, or event contracts as we refer to them at the CFTC.
These markets are not new. They have operated within the CFTC's regulatory perimeter for more than two decades. But, despite their history, many view them as novel or unsettled. That uncertainty has not served our markets well, nor has it served the public interest.
It is time for clear rules and a clear understanding that the CFTC supports lawful innovation in these markets. Consistent with my commitment to fostering responsible innovation in crypto asset markets, I will continue to support the responsible development of event contract markets and the important role they play in the broader financial system. Here's how we will be moving forward.
First, I have directed CFTC staff to withdraw the 2024 event contracts rule proposal that would prohibit political and sports-related event contracts[4] and the 2025 staff advisory,[5] which cautioned registrants about offering access to sports-related event contracts due to ongoing litigation. While the advisory was issued at the staff level with the intent of bringing awareness to the litigation, it has instead contributed to uncertainty in our markets.
Second, looking ahead, and in the spirit of markets that trade on expectations, I have directed CFTC staff to move forward with drafting an event contracts rulemaking. For too long, the CFTC's existing framework has proven difficult to apply and has failed our market participants. That is something I intend to fix by establishing clear standards for event contracts that provide certainty to market participants.
Third, I have directed CFTC staff to reassess the Commission's participation in matters currently pending before the federal district and circuit courts. Where jurisdictional questions are at issue, the Commission has the expertise and responsibility to defend its exclusive jurisdiction over commodity derivatives.
Finally, I have directed CFTC staff to work with our counterparts at the SEC to develop a joint interpretation on Title VII definitions. This effort would draw clearer lines between certain commodity and security options, CFTC-regulated swaps, and SEC-regulated security-based swaps. Clear, coordinated guidance will allow firms to scale products responsibly and reduce the number of innovations that fall into what Chairman Atkins has aptly described as "the no man's land"[6] between our two agencies.
***
As the new frontier of finance descends upon us, regulators must relentlessly modernize, harmonize, and future-proof their approach to regulation. But we must not abandon our age-old principles, like investor protection, anti-fraud and anti-manipulation, and market integrity, which remain our north star.
I am honored to partner with Chairman Atkins on Project Crypto and lead the CFTC into this new era--for our financial markets, and for the new frontier of finance.
Thank you very much for your time today. I look forward to the fireside chat to follow.
* * *
[1] Board of Trade v. Christie Grain & Stock Co., 198 U.S. 236 (1905).
[2] Chairman Paul S. Atkins, The SEC's Approach to Digital Assets: Inside "Project Crypto" (Nov. 12, 2025), available at: https://www.sec.gov/newsroom/speeches-statements/atkins-111225-secs-approach-digital-assets-inside-project-crypto.
[3] Id.
[4] 89 Fed. Reg. 48968 (June 10, 2024).
[5] CFTC Staff Advisory 25-36 (Sept. 30, 2025).
[6] Chairman Paul S. Atkins, Acting Chairman Caroline D. Pham, Joint Statement from the Chairman of the SEC and Acting Chairman of the CFTC, (Sept. 5, 2025), available at https://www.cftc.gov/PressRoom/SpeechesTestimony/phamatkinsstatement090525.
* * *
Original text here: https://www.cftc.gov/PressRoom/SpeechesTestimony/opaselig1
CFTC Chairman Selig Issues Remarks at CFTC-SEC Event on U.S. Financial Leadership in Crypto Era
WASHINGTON, Jan. 31 -- The Commodity Futures Trading Commission issued the following remarks on Jan. 29, 2026, by Chairman Michael S. Selig at an event entitled "CFTC-SEC Harmonization: U.S. Financial Leadership in the Crypto Era":* * *
The Next Phase of Project Crypto: Unleashing Innovation for the New Frontier of Finance
Good afternoon. Thank you, Chairman Atkins, for your kind introduction. And, to our guests, welcome to the Commodity Futures Trading Commission. Before I begin, I must note that the views I share today are my own as Chairman and do not necessarily reflect those of the Commission.
I ... Show Full Article WASHINGTON, Jan. 31 -- The Commodity Futures Trading Commission issued the following remarks on Jan. 29, 2026, by Chairman Michael S. Selig at an event entitled "CFTC-SEC Harmonization: U.S. Financial Leadership in the Crypto Era": * * * The Next Phase of Project Crypto: Unleashing Innovation for the New Frontier of Finance Good afternoon. Thank you, Chairman Atkins, for your kind introduction. And, to our guests, welcome to the Commodity Futures Trading Commission. Before I begin, I must note that the views I share today are my own as Chairman and do not necessarily reflect those of the Commission. Iam pleased that my first public remarks as Chairman could be here at the CFTC, an institution with a rich and distinguished heritage of overseeing markets that facilitate price discovery, risk management, and reliable commodity prices for everyday Americans.
As these are my first public remarks, I would like to begin with a few words of thanks:
First, to President Trump, I am grateful for the trust and confidence you have placed in me to lead the Commission during this historic time.
Second, to Chairman Atkins, it was the honor of a lifetime to work with you and Commissioner Peirce at the SEC. You are a principled and inspiring leader. And I am thrilled to work with you in this new role to modernize and harmonize our agencies' regulatory frameworks.
Third, to the dedicated staff of the CFTC, thank you for the warm welcome. This agency's reputation is a direct reflection of your expertise, professionalism, and public service. I look forward to partnering with you as we carry that responsibility forward.
Today marks the beginning of a new chapter for the CFTC. One that builds on the Commission's legacy while sharpening its focus on regulatory clarity, inter-agency coordination, and permissionless innovation.
From Open Outcry to Open Source: A Tradition of Market Innovation
For more than a century and a half, America's commodity futures markets have served a proving ground for innovation--not just in what is traded, but in how risk is managed, prices are discovered, and trust is established among market participants.
That tradition began in earnest in 1848, with the founding of the Chicago Board of Trade. What started as a physical meeting place for merchants trading grain and livestock quickly evolved into something more consequential: a system for standardizing contracts, aggregating dispersed information, and enabling producers and consumers to manage price risk over time.
As trading activity expanded in the late nineteenth century, new distribution technologies--telegraph lines, railroads, and printed quotations--dramatically broadened access to market prices. Alongside organized exchanges, informal venues known as "bucket shops" emerged--offering retail customers exposure to commodity prices without requiring physical delivery. While these operations often lacked quality and integrity, their popularity underscored a growing public appetite for participation in price discovery and risk-taking tied to real economic activity.
In response, organized exchanges moved to reinforce the distinction between transparent, rules-based markets and purely speculative imitation. Litigation over access to price quotations culminated in judicial recognition of the exchanges' role in safeguarding market integrity. In the end, the Board of Trade obtained a victory at the U.S Supreme Court[1] and trading in the future price of commodities migrated onto organized trading venues that came to be known as "pits" because of their unique physical design.
The economic dislocation of the Great Depression prompted Congress to formalize this framework. The Commodity Exchange Act required futures trading to occur on organized exchanges and obligated so-called "designated contract markets" (DCMs) to enforce rules to prevent fraud and manipulation. In 1974, the Commodity Futures Trading Commission was established to oversee these markets as they continued to evolve.
As American ingenuity progressed, innovation again reshaped market structure. Open trading floors gave way to electronic platforms. Without the restriction of limited real estate, the universe of futures contracts exploded as new exchanges proliferated, listing thousands of unique products. Congress responded not by freezing markets in place, but by modernizing market oversight. During this period of rapid transformation, Congress and the CFTC collaborated to craft the Commodity Futures Modernization Act, which embraced self-certification and principles-based regulation, recognizing that markets innovate faster than prescriptive rulebooks--and that regulatory frameworks must be durable and flexible.
Around this period, the CFTC and SEC were grappling with jurisdictional questions concerning new derivatives products, including single-stock and security index futures. The absence of clear statutory alignment created uncertainty for market participants and constrained domestic development. Over time, however, the agencies, working with Congress, came together to resolve these questions through the "Shad-Johnson Accord," restoring clarity and enabling these markets to thrive here in the U.S.
Today, commodity markets are once again experiencing a period of rapid transformation. Blockchains, crypto assets, and smart contracts are introducing new methods for trading, clearing, settling, margining, and collateralizing commodity price exposures. These innovations have the potential to reduce operational frictions by enhancing liquidity and streamlining post-trade processes. At the same time, new products such as prediction markets, "mini" contracts, and perpetual futures have experienced rapid adoption. We are witnessing the foundation of modern markets take shape.
As this transformation unfolds, the CFTC has an opportunity to build on its historic role as a forward-looking regulator. By applying clear rules, principles-based oversight, and harmonizing with fellow regulators, the Commission can help ensure that the next generation of commodity markets develop onshore--continuing a legacy that stretches from the grain pits of Chicago to the digital markets of the future.
America at 250: The Crypto Capital of the World
America is home to the most transparent and well-regulated financial markets in the world--markets that are grounded in market integrity and institutional trust. With thoughtful engagement and a commitment to principled innovation, the U.S. is uniquely positioned to extend its preeminence into the crypto era.
And thanks to the leadership of President Trump, "Operation Chokepoint 2.0" is history, regulation by enforcement is dead, the GENIUS Act is law, Congress is on the cusp of passing market structure legislation, and the U.S. is now the crypto capital of the world.
But we cannot assume this will always be the case. America's financial regulators must modernize and harmonize their approach to regulation to future-proof our markets for the innovations of tomorrow. And, while market structure legislation will certainly advance these goals, we cannot and will not let this opportunity pass us by while Congress continues its work.
That is why I have already directed CFTC staff to make full use of the agency's existing authorities to begin upgrading our regulations for America's Golden Age. Whether incumbents or new entrants, the CFTC's doors are open to those looking to innovate.
Project Crypto: Modernizing and Harmonizing Financial Regulation for the Golden Age
Before I share some exciting news, I would like to thank former Commissioner Caroline Pham for her leadership as acting chairman. She took important steps to position the CFTC for the future by launching the Crypto Sprint initiative, which helped orient the agency at a critical moment towards the opportunities and challenges presented by crypto assets.
Today, we are building on that foundation. Rather than running a parallel initiative with the SEC, I am pleased to announce that the CFTC is partnering with the SEC on Project Crypto--bringing coordination, coherence, and a unified approach to the federal oversight of crypto asset markets.
Project Crypto recognizes that crypto markets span across our agencies' respective regulatory boundaries. Chairman Atkins and I view this moment as a generational opportunity for our agencies to collaborate on clear, durable, rules of the road for these markets.
Through this partnership, we will advance a clear crypto asset taxonomy, clarify jurisdictional lines, remove duplicative compliance requirements, and reduce regulatory fragmentation--ensuring that innovation takes root on American soil, under American law, and in service of American investors, customers, and businesses.
New Accord: Delivering Clarity and Certainty to Crypto Asset Markets
Earlier, I mentioned the historic Shad-Johnson Accord, which resolved one jurisdictional dispute between the CFTC and SEC and was later codified into statute. With a wide range of new crypto assets and on-chain financial markets, we're due for a new cross-agency agreement to govern these markets.
I agree with Chairman Atkins that "most crypto assets trading today are not securities."[2] But, for too long, crypto asset market participants have struggled to determine whether they are subject to regulation by the SEC, the CFTC, or both. Instead of leaving the industry trapped in uncertainty, as we witnessed under prior administrations, it is incumbent on us to draw a bright jurisdictional line for our nation's builders and innovators.
Chairman Atkins recently laid out a common-sense crypto asset taxonomy that would make clear that digital commodities, digital collectibles, and digital tools are not "securities"--even when they are sold as part of an investment contract.[3] I have directed Commission staff to work together with SEC staff to consider joint codification of this framework as an interim measure while Congress finalizes legislation.
Liquid and Programmable: Expanding Eligible Tokenized Collateral
With a clearer taxonomy in place, the next question becomes how blockchain technologies can be harnessed to strengthen market resilience and market functions.
In certain markets, 24/7 trading offers meaningful advantages, particularly where global participation is essential to market efficiency.
High-quality tokenized collateral that can move seamlessly across venues has the potential to make liquidity more dynamic and markets more resilient. As on-chain capabilities mature, they also create opportunities for new tools, including artificial intelligence-driven systems and autonomous software, to interact directly with tokenized collateral. These systems can programmatically monitor risk in real time and execute predefined strategies within established guardrails. In this way, tokenization and automation can begin to fulfill the original promise of blockchain technologies: a more open, transparent, and efficient market infrastructure.
To achieve this work, and to help unleash American innovation, I have directed CFTC staff to develop rules to enable the responsible deployment of additional forms of eligible tokenized collateral.
Limitless: Onshoring True Perpetual Derivatives
The pace of innovation with crypto assets has also led to experimentation with novel types of derivatives.
Derivatives with no fixed maturity date, known as "perpetual contracts," have emerged as widely used tools for risk-management and price-discovery. Yet, despite clear market demand, the prior administration failed to create a pathway for these markets to exist onshore.
Reversing this misstep requires transparent and workable frameworks that allow true perpetual derivative products to be offered responsibly in the U.S. under common-sense regulations. And--under my leadership--the CFTC will use the tools at its disposal to onshore perpetual and other novel derivative products so that they can flourish across both centralized and decentralized markets, subject to appropriate safeguards.
Safe Harbors for Software Developers and Users: Unleashing Permissionless Innovation
As our markets continue to evolve, digital wallets, decentralized finance protocols, layer-2 networks, and other on-chain software systems are now part of everyday finance. However, uncertainty persists regarding the appropriate regulatory treatment of these technologies under the CFTC's existing framework.
The Commission's existing rules were designed for--and assume--a centralized intermediary model. With the advent of on-chain financial markets, we must revisit these design choices and assumptions to facilitate permissionless innovation or risk ceding our global leadership to the many foreign nations that will welcome our builders with open arms--an unacceptable outcome.
On-chain systems exist on a spectrum of decentralization. In certain instances, there may exist non-custodial digital wallets or user interfaces that merely function as digital rails through which users can directly interact with programmatic, self-executing software code. In other instances, there may be more centralized touchpoints.
Under my leadership, the CFTC will explore ways in which the agency can encourage innovation in software development and support builders as they work toward product market fit, including by assessing whether an innovation exemption may be appropriate in certain circumstances.
At every step, our actions will reflect a commitment to establish clear and unambiguous safe harbors for software developers to ensure that the crypto innovations of today and tomorrow are Made in America.
Leveraged Crypto Asset Trading: Enhancing Optionality for Market Participants
While I share the excitement around decentralized financial systems, intermediated trading will continue to play an important role in crypto markets. That includes trading conducted both on- and off-exchange with leverage, margin, or financing. In that spirit, we are already taking concrete steps to foster these trading activities.
First, I have directed CFTC staff to begin drafting rules clarifying when leveraged, margined, or financed retail commodity transactions in crypto may be offered off-exchange under an "actual delivery" exception.
Second, I have asked CFTC staff to begin drafting rules codifying requirements for DCMs that choose to offer these transactions on their current platforms. Codification will promote consistency, transparency, and a uniform application of core protections across venues--hallmarks of the CFTC's regulatory regime.
Finally, I have directed CFTC staff to explore the creation of a new category of DCM registration that is tailored specifically to retail leveraged, margined, or financed crypto asset trading. These venues would perform functions similar to traditional DCMs but operate under a purpose-fit regulatory framework.
Harmonization: Facilitating Substituted Compliance and Super-Apps
Now, our modernized approach will fall short unless it is paired with continued harmonization between the CFTC and the SEC.
Fragmented oversight imposes real economic costs--raising barriers to entry, reducing competition, increasing compliance expenses, and encouraging regulatory arbitrage rather than productive investment. Recognizing this, I intend for the CFTC to work closely with the SEC to identify opportunities to better align regulatory requirements across markets.
The objective is not to blur statutory boundaries, but to reduce unnecessary duplication that does not improve market integrity. As part of this harmonization effort, we will examine whether substituted compliance can achieve equivalent or better regulatory outcomes at lower costs for market participants. Within the bounds of the law and where appropriate, market participants should be able to offer multiple products through a single platform without navigating an inefficient patchwork of registrations and overlapping regulatory regimes.
Prediction Markets: Forecasting the Future
Last, but certainly not least, I would be remiss if I did not address prediction markets, or event contracts as we refer to them at the CFTC.
These markets are not new. They have operated within the CFTC's regulatory perimeter for more than two decades. But, despite their history, many view them as novel or unsettled. That uncertainty has not served our markets well, nor has it served the public interest.
It is time for clear rules and a clear understanding that the CFTC supports lawful innovation in these markets. Consistent with my commitment to fostering responsible innovation in crypto asset markets, I will continue to support the responsible development of event contract markets and the important role they play in the broader financial system. Here's how we will be moving forward.
First, I have directed CFTC staff to withdraw the 2024 event contracts rule proposal that would prohibit political and sports-related event contracts[4] and the 2025 staff advisory,[5] which cautioned registrants about offering access to sports-related event contracts due to ongoing litigation. While the advisory was issued at the staff level with the intent of bringing awareness to the litigation, it has instead contributed to uncertainty in our markets.
Second, looking ahead, and in the spirit of markets that trade on expectations, I have directed CFTC staff to move forward with drafting an event contracts rulemaking. For too long, the CFTC's existing framework has proven difficult to apply and has failed our market participants. That is something I intend to fix by establishing clear standards for event contracts that provide certainty to market participants.
Third, I have directed CFTC staff to reassess the Commission's participation in matters currently pending before the federal district and circuit courts. Where jurisdictional questions are at issue, the Commission has the expertise and responsibility to defend its exclusive jurisdiction over commodity derivatives.
Finally, I have directed CFTC staff to work with our counterparts at the SEC to develop a joint interpretation on Title VII definitions. This effort would draw clearer lines between certain commodity and security options, CFTC-regulated swaps, and SEC-regulated security-based swaps. Clear, coordinated guidance will allow firms to scale products responsibly and reduce the number of innovations that fall into what Chairman Atkins has aptly described as "the no man's land"[6] between our two agencies.
***
As the new frontier of finance descends upon us, regulators must relentlessly modernize, harmonize, and future-proof their approach to regulation. But we must not abandon our age-old principles, like investor protection, anti-fraud and anti-manipulation, and market integrity, which remain our north star.
I am honored to partner with Chairman Atkins on Project Crypto and lead the CFTC into this new era--for our financial markets, and for the new frontier of finance.
Thank you very much for your time today. I look forward to the fireside chat to follow.
* * *
[1] Board of Trade v. Christie Grain & Stock Co., 198 U.S. 236 (1905).
[2] Chairman Paul S. Atkins, The SEC's Approach to Digital Assets: Inside "Project Crypto" (Nov. 12, 2025), available at: https://www.sec.gov/newsroom/speeches-statements/atkins-111225-secs-approach-digital-assets-inside-project-crypto.
[3] Id.
[4] 89 Fed. Reg. 48968 (June 10, 2024).
[5] CFTC Staff Advisory 25-36 (Sept. 30, 2025).
[6] Chairman Paul S. Atkins, Acting Chairman Caroline D. Pham, Joint Statement from the Chairman of the SEC and Acting Chairman of the CFTC, (Sept. 5, 2025), available at https://www.cftc.gov/PressRoom/SpeechesTestimony/phamatkinsstatement090525.
* * *
Original text here: https://www.cftc.gov/PressRoom/SpeechesTestimony/opaselig1