Bitcoin (CRYPTO: BTC) has proven to be one of the most “anti-fragile” assets despite repeated market shocks and government crackdowns, according to CFTC Chairman Michael Selig.
In an interview with Glenn Beck on July 8, Selig highlighted that Bitcoin has repeatedly survived major crises, including the collapse of Mt. Gox, the failure of FTX and regulatory actions under the Biden administration.
He reiterated the CFTC’s position that Bitcoin should be treated as a commodity rather than a security or currency.
“We’ve characterized it as a commodity at the CFTC. It’s just like gold or silver, oil or gas,” Selig said.
Selig also defended the Trump administration’s pro-crypto stance, saying President Donald Trump is not involved in the day-to-day management of his family’s crypto-related business interests and remains subject to federal ethics rules.
Selig urged Congress to pass the CLARITY Act, describing it as critical to establishing a federally regulated crypto exchanges.
It would also assist in custody rules and protections for self-custody along with limiting the ability of individual states to pursue conflicting regulatory approaches.
The CFTC chairman also reiterated the administration’s opposition to a central bank digital currency in the United States.
“We need to make sure that a CBDC is never possible, and legislation is the most important and future-proof thing in Washington,” Selig said.
Image: Shutterstock
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