CFTC Chair: U.S. Government Cannot Seize Your Crypto Assets

TLDR:

• CFTC Chair Michael Selig says the government cannot and should not seize people’s crypto assets.
• The Genius Act is now law, while the Clarity Act pushes forward to protect crypto market structure. 
• Bitcoin, Ether, Solana, and Zcash are classified as digital commodities under CFTC guidelines.
• Selig confirms the chance of crypto being made illegal in the United States is now slim to none.

Commodity Futures Trading Commission Chair Michael Selig has publicly stated that the U.S. government should not seize crypto assets belonging to citizens.

Speaking in a May 13, 2026, interview with Mark Moss, Selig outlined a regulatory vision that centers on private property rights.

He stressed that statutory protections for digital assets are now a top priority. His remarks reflect the current administration’s broader push to position the U.S. as the global leader in digital finance.

Legislative Framework to Protect Crypto Assets

The administration is actively pushing two major pieces of legislation to safeguard crypto assets. The Genius Act, focused on stablecoins, has already been signed into law.

The Clarity Act, which addresses broader market structure, is still moving through the legislative process. Together, these laws aim to give crypto developers and users clear, enforceable protections.

Selig noted that statutory guidance is critical to prevent future government overreach. Without it, hostile regulatory actions similar to past administrations could return.

He directly referenced the need to avoid a repeat of “Operation Choke Point 3.0.” That effort previously pushed crypto businesses out of the U.S. banking system.

The CFTC has regulated Bitcoin futures since 2017 and plays a central role in classifying digital assets. According to Selig, the agency views Bitcoin, Ether, Solana, and Zcash as digital commodities.

Other categories include stablecoins, NFTs, digital securities, and digital tools. This classification system is designed to bring regulatory clarity across the crypto space.

Selig was direct about the risk of crypto being banned in the U.S. “The chance of that happening in the US is now slim to none,” he said during the interview.

He credited the current legislative push as the reason for that confidence. Clear statutory rules, he argued, make hostile government action far harder to execute.

Self-Custody and Private Property Rights for Crypto Holders

A key theme in Selig’s remarks was the right to self-custody crypto assets. He argued that true ownership of digital assets depends on individuals holding their own private keys.

The administration has already issued no-action letters for self-custodial wallet providers. This move shows a practical commitment to protecting that right.

Selig also tied crypto ownership directly to American founding principles. “The US was founded on the principle of private property, which extends to digital assets,” he stated.

The government, in his view, should not create barriers to owning or accessing one’s crypto. This position marks a clear shift from regulatory approaches seen in prior years.

On the administration’s broader ambition, Selig was equally clear. “The US is already the crypto capital of the world,” he said, adding that clear regulations are essential to maintain that status.

Losing ground to other countries, he warned, is a real risk without the right legal framework in place. The Clarity Act and Genius Act are meant to close that gap.

The administration is also encouraging public engagement through comment letters and task forces. Builders and everyday users alike are being invited to shape future policy.

“Getting statutory guidance in place is really important,” Selig emphasized. The long-term goal is a digital finance ecosystem that keeps the U.S. firmly ahead on the global stage.