The United States is taking steps to regulate digital currencies.

The United States is making progress in regulating digital currencies. The recent confirmation of Michael Selig as the head of the Commodity Futures Trading Commission (CFTC) has sparked discussions about the future of crypto regulation. Selig's appointment, along with Paul Atkins' role as the chair of the Securities and Exchange Commission (SEC), has been described as a "dream team" for setting clear rules for the crypto industry. Selig has mentioned that the US Congress is close to finalizing a bill focused on the structure of the crypto market. This bill, known as the Responsible Financial Innovation Act in the Senate and building on the CLARITY Act passed by the House of Representatives in July, aims to establish the US as a global leader in digital assets. However, the bill has been temporarily paused due to the congressional holiday break and is expected to be reviewed by the Senate Banking Committee in early January.The market structure bill could significantly impact the roles of the SEC and CFTC. Drafts of the bill suggest that the CFTC may gain more authority to regulate digital assets, a responsibility that has traditionally been under the SEC's purview. However, some senators have raised concerns about decentralized finance (DeFi), which could potentially slow down the progress of the bill. Selig's confirmation was part of a larger package of nominees and was approved by the Senate in a 53 to 43 vote. It is unclear when he will officially take over from acting CFTC Chair Caroline Pham, who is expected to leave the commission and join the crypto company MoonPay. The CFTC and MoonPay have not yet responded to requests for more details on Pham's departure. The crypto industry is at a critical point, with new technologies and platforms emerging rapidly. Retail participation in commodity markets is at an all-time high, and the outcome of the market structure bill could have significant implications for the future of digital assets in the US.