Welcome, dear reader, to the US Crypto News Morning Briefing! A moment where we bravely attempt to sift through the detritus of the day’s most crucial developments in the swirling maelstrom of crypto.
Fetch yourself a steaming cup of ambition, for as our government entwines itself deeper into the quagmire of shutdown, hushed tones from the West Wing signal-yes, that’s right-strategic maneuvers in the uncharted waters of cryptocurrency. A move that could, in hushed whispers, redraw the power dynamics between digital assets and one of the planet’s most tenacious regulatory bodies. Ah, the irony! 😏
Crypto News of the Day: Government Shutdown Thickens as White House Approaches a Shocking Choice for Crypto Regulator
In a turn of events that could only be scripted by a playwright of existential farce, the White House is purportedly on the verge of presenting Mike Selig-the Chief Counsel of SEC’s Crypto Task Force-as its candidate to steer the CFTC (Commodity Futures Trading Commission). An act or divine comedy, one could muse, that promises to reshape the very fabric of US crypto regulation while Washington balances delicately on the precipice of a historically monumental shutdown.
Sources close to the matter, if you can believe them, assure Crypto In America that Selig stands tall as the preferred candidate to replace the controversial Brian Quintenz. The administration, it seems, is stirring from its slumber to rebuild a five-member CFTC like a boardroom game of Jenga, hoping to unify oversight between the SEC and CFTC amidst outbursts for a cohesive digital asset framework. 🎭
“No one is better suited than Mike Selig to harmonize the CFTC and SEC on crypto and beyond,” chimes in Stu Alderoty, Chief Legal Officer at Ripple. A veritable symphony of approvals, one might say.
Indeed, Selig’s unique ability to straddle the regulatory divide might just strike a chord of hope for the beleaguered crypto industry, desperately seeking any semblance of order amid chaos. A former CFTC clerk for the illustrious Chris Giancarlo and advisor to SEC Chair Paul Atkins, Selig bears a resume that could make even the most ardent skeptics chuckle in appreciation of his impeccable timings. 👔
His potential nomination, less a bombshell and more a gentle nudge, could serve as a crypto-positive signal-if you squint hard enough-bridging the festering policy chasm that has stifled the industry’s ascendance in the land of the free.
“Glad to see the (hopefully) newly appointed CFTC is liked by those who are working for blockchain interoperability,” remarked one user on the internet’s vast echo chamber of wisdom.
Kalshi Predicts Record-Breaking Shutdown Tendencies
As if on cue, this potential nomination drops like a proverbial anvil at a most politically turbulent junction. Kalshi prediction markets, assessing the scenario with all the seriousness they can muster, suggest a shutdown length of 34.7 days, hinting at what might soon become the longest in US history. One might even stock up on popcorn… 🍿
The extended stalemate has already brought policy momentum to a gut-wrenching crawl, delaying advancements on critical crypto and broader market issues. Meanwhile, as we enter week three of this exasperating shutdown, negotiations have crumbled over military compensation and healthcare subsidies, while crypto markets cheerily bounced back from last week’s derivatives-induced decline. Yet, like watching grass grow, the longer Washington remains in stasis, the higher the stakes for delayed CFTC enforcement guidance, ETF reviews, and essential data for those daring institutional traders. 📉
Here we stand at a crossroads of sorts. On one hand, Congress remains trapped in a gripping deadlock over the elusive market structure bill, while on the other, Kalshi predicts the shutdown might stretch beyond 35 days. Irony, replete with dramatic flair, abounds.
With all of this unraveling before our eyes, one cannot help but wonder if the administration is capable of propelling Selig’s nomination through this quagmire of bureaucracy, or will crypto’s next regulatory saga be relegated to the backburner until the gears of Washington finally turn once more? ⏳
Chart of the Day
According to Kalshi prediction markets, there’s a 61% chance the shutdown lasts over 30 days and a 49% chance it will extend beyond 35. Grab your crystal ball! 🔮
Byte-Sized Alpha
Crypto Equities Pre-Market Overview
| Company | At the Close of October 10 | Pre-Market Overview |
| Strategy (MSTR) | $304.79 | $308.00 (+1.05%) |
| Coinbase (COIN) | $357.01 | $363.36 (+1.78%) |
| Galaxy Digital Holdings (GLXY) | $39.38 | $40.20 (+2.08%) |
| MARA Holdings (MARA) | $18.64 | $19.19 (+2.98%) |
| Riot Platforms (RIOT) | $21.01 | $21.58 (+2.71%) |
| Core Scientific (CORZ) | $18.52 | $18.97 (+2.43%) |
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2025-10-13 20:36