What Constitutes a Commodity

A conversation with new CFTC Chairman Mike Selig on the policy shift behind America’s push to become the crypto capital of the world.

We cover the CFTC’s evolving role in crypto, prediction markets, and perpetuals, the end of regulation by enforcement, how the agency is thinking about DeFi and software developers, and why market structure legislation like the Clarity Act could reshape the future of U.S. crypto.

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🎬 DEBRIEF | RYAN & DAVID UNPACKING THE EPISODE

https://www.bankless.com/podcast/debrief-making-america-the-crypto-capital-of-the-world

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🔮POLYMARKET | #1 PREDICTION MARKET

https://bankless.cc/polymarket-podcast 

🪐GALAXY | INSTITUTIONAL DIGITAL FINANCE

https://bankless.cc/galaxy-podcast 

🏅BITGET TRADFI | TRADE GOLD WITH USDT

https://bankless.cc/bitget

🎯THE DEFI REPORT | ONCHAIN INSIGHTS

https://thedefireport.io/bankless

🌍 WORLD | FULLY ONCHAIN EXCHANGE

https://bankless.cc/world

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TIMESTAMPS

0:00 Intro
0:33 Mike’s Background
4:25 Commodity Markets Transformation
7:31 Commodity Definition
10:56 The Role of the CFTC
11:56 Prediction Markets
17:48 Navigating New Markets
20:34 Are Prediction Markets CFTC Territory?
24:45 Insider Trading vs Information Advantage
28:25 Trump’s Conflict of Interests
29:21 Clarity Act
36:58 Project Crypto
39:37 Defining Intermediary
43:32 Exchanges vs L2s
45:50 No More Wells Notices
50:17 The New CFTC & SEC
54:51 Making America the Crypto Capital of the World
57:08 Best of the Clarity Act
59:04 Closing & Disclaimers

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RESOURCES

Mike Selig

https://x.com/ChairmanSelig 

CFTC

https://www.cftc.gov/ 

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https://www.bankless.com/disclosures⁠