Michael Selig (마이클 셀리그), chairman of the U.S. Commodity Futures Trading Commission (CFTC), said the financial industry must prepare for large-scale tokenisation and the spread of on-chain finance.

On Sept. 23 local time, blockchain outlet CoinPost reported that Selig said in a keynote speech at the “2026 U.S. Treasury Market Conference” hosted by the Federal Reserve Bank of New York on Sept. 22 that regulators should adjust existing frameworks to expand adoption of blockchain and artificial intelligence and also prepare for a 24-hour trading system.

Selig highlighted tokenisation, on-chain finance and 24-hour trading as key changes that will reshape market structure. He also cited real-world asset (RWA) tokenisation as a major technological innovation. High-quality tokenised collateral could make liquidity more nimble and improve market resilience, he said. If settlement occurs almost instantly and collateral moves in real time between clearinghouses, brokers and end users, structural change could occur across all asset classes, he said.

The CFTC is also expanding the use of stablecoins as collateral. In a staff no-action letter No. 26-05 on Feb. 6, 2026, the CFTC included certain payment stablecoins issued by national trust banks in the scope of tokenised collateral that can be recognised as margin. On March 20, it also released an FAQ on the use of tokenised collateral.

It also said it would take a differentiated approach to 24-hour trading by asset class. The CFTC issued staff advisory No. 26-16 on 24-hour, 365-day trading, clearing and settlement on May 29, 2026. On June 25, it began seeking comment on expanding 24-hour trading for standard futures contracts and on perpetual futures referencing physically settled or storable energy commodities. Selig said cryptocurrencies and precious metals may currently be suitable for 24-hour trading, but agricultural products, energy and some financial products may not be.

The U.S. Securities and Exchange Commission (SEC) also released an “innovation exemption” on Sept. 17 that would allow on-chain trading of tokenised stocks. With legislation covering the broader crypto industry delayed in the Senate, the CFTC and SEC are each pushing related measures within their jurisdictions.