The Frontier

Selig traces the CFTC’s retail commodity authority to Dodd-Frank, which brought leveraged retail commodity transactions onto regulated platforms after courts rejected earlier agency claims. He says the agency is gathering comments before proposing final crypto rules; the Clarity Act would have codified a broader federal framework but did not pass.

Rickards says authorities may freeze trading and redemptions in a future crisis rather than seize assets. He links that possibility to Dodd-Frank's systemically important financial institution framework and says BlackRock accepted the possibility that regulators could tell it to freeze customer accounts.