CFTC Chair Says Crypto Exchanges Can Choose State or Federal Oversight

CFTC Chairman Michael S. Selig said crypto exchanges should be able to choose state licenses or federal registration based on their services, as the agency considers rules for some financed retail trades. “When you're crossing state lines, when you get into interstate commerce, that's when we want a uniform scheme across the country,” Selig said. He described federal registration as an option for exchanges and said only Congress could require every crypto exchange to register with the CFTC. Most states have money-transmission licensing regimes that generally apply to crypto exchanges.