Trump’s Pro-Crypto Pick: Michael Selig Nominated to Lead CFTC Amid Regulatory Shifts

By: crypto insight|2025/10/31 16:00:08

Key Takeaways

President Trump’s nomination of Michael Selig, a seasoned pro-crypto lawyer with SEC and CFTC experience, signals a potential shift toward more favorable crypto regulations in the US.
Selig’s stance views assets like XRP as commodities rather than securities, which could reshape oversight between the CFTC and SEC.
The nomination comes after the withdrawal of Brian Quintenz, influenced by crypto industry figures like the Winklevoss brothers, highlighting the growing sway of digital asset advocates.
Ongoing government shutdown and legislative delays, such as the Responsible Financial Innovation Act, pose challenges to implementing crypto-friendly policies.
Cross-agency collaborations between the CFTC and SEC aim to foster innovation, but full progress depends on resolving budget issues and confirming leadership.

Imagine a world where cryptocurrencies aren’t bogged down by endless regulatory hurdles, where innovation thrives without fear of overreach. That’s the vision President Donald Trump seems to be chasing with his latest nomination for the head of the Commodity Futures Trading Commission (CFTC). Enter Michael Selig, a lawyer who’s not just familiar with the halls of financial regulation but is openly enthusiastic about making the US the epicenter of crypto. This move could be a game-changer for the industry, especially as debates rage over how to classify and oversee digital assets. But let’s dive deeper into who this guy is, why his nomination matters, and what it could mean for the future of crypto in America.

Unpacking Michael Selig’s Background and Pro-Crypto Views

Picture Michael Selig as the bridge between traditional finance and the wild west of digital currencies. A graduate of George Washington University Law School, he kicked off his career in the thick of government work, serving in the office of former CFTC Commissioner J. Christopher Giancarlo from 2014 to 2015. That early exposure gave him a front-row seat to how commodities and futures markets operate, setting the stage for his later dives into crypto.

After his initial stint at the CFTC, Selig didn’t just fade into obscurity. He honed his skills at prestigious law firms like Cadwalader, Wickersham & Taft, and Perkins Coie, rising to counsel before landing at Willkie Farr & Gallagher, where he became a partner in January 2024. Then, in March 2025, he stepped into a high-profile role as chief counsel to the SEC’s Crypto Task Force and senior advisor to the chairman. It’s like he was building a resume tailor-made for this moment.

What really sets Selig apart is his unapologetic support for crypto. In a post on X just after his nomination was announced, he painted an optimistic picture: a “Great Golden Age for America’s Financial Markets” with “a Wealth of New Opportunities” ahead. He even committed to helping the President turn the United States into the “Crypto Capital of the World.” That’s not just talk—it’s a rallying cry for an industry that’s been pleading for clearer, more supportive rules.

Think of it like this: crypto has often felt like a rebellious teenager clashing with strict parents (that’s the regulators). Selig seems ready to be the understanding uncle who says, “Hey, let’s give this kid some room to grow.” His views came into sharp focus during the SEC v. Ripple case. Back in 2023, he argued that XRP isn’t a security but “simply computer code,” comparable to fungible commodities like gold or whiskey. Sure, those can be part of investment schemes that trigger securities laws, but the asset itself? Not inherently a security. He even criticized the SEC’s push for a massive $2 billion penalty against Ripple, calling it overreach. This commodity-first perspective could tip the scales in ongoing debates about crypto classification.

David Sacks, the White House’s AI and crypto czar, echoed this enthusiasm, praising Selig’s passion for updating regulations to keep America competitive in digital assets. It’s a stark contrast to the more cautious approaches we’ve seen in the past, and it aligns perfectly with Trump’s pro-innovation agenda.

The Road to Nomination: Twists, Turns, and Industry Influence

Selig’s path to this nomination wasn’t straightforward. The Trump administration first eyed Brian Quintenz, a former CFTC commissioner who also served on the board of gambling platform Kalshi. But that pick got pulled in September, reportedly because influential crypto voices—like the Winklevoss brothers—felt he wasn’t pro-crypto enough. It’s a reminder of how much power the industry wields now. These aren’t just backroom deals; they’re public signals that crypto advocates are shaping policy at the highest levels.

Now, Selig steps in, but he’s not in the chair yet. The nomination needs Senate approval, and with Acting Chair Caroline Pham holding the fort since April 2025 (after her unanimous confirmation under President Biden in 2022), the transition could be smooth—or bumpy, depending on politics. Pham has been steering the ship amid uncertainty, but a permanent leader like Selig could bring the stability and vision the CFTC needs.

This nomination arrives at a pivotal time. The CFTC already oversees crypto derivatives and has anti-fraud powers over spot markets, but expanding its role could redefine the landscape. Platforms like WEEX, known for their user-friendly interfaces and commitment to secure, innovative trading, stand to benefit immensely from such shifts. WEEX has always prioritized compliance while pushing the boundaries of what’s possible in crypto, making it a prime example of how forward-thinking exchanges can thrive under clearer regulations. It’s like giving a reliable car a turbo boost—suddenly, the ride gets a lot more exciting without sacrificing safety.

Regulatory Rebalancing: CFTC, SEC, and the Push for Crypto Clarity

The bigger picture here is a potential overhaul in how the US handles crypto regulation. Lawmakers in the Senate are mulling over the Responsible Financial Innovation Act, which evolved from the simpler CLARITY Act that passed the House earlier this year. If it goes through, many cryptocurrencies—like Bitcoin—would be reclassified as commodities, shifting primary oversight to the CFTC.

This isn’t happening in a vacuum. The SEC and CFTC have been trying to play nicer lately. In September, SEC Chairman Paul Atkins kicked off a roundtable with the CFTC to synchronize their approaches, aiming to let American innovation flourish. Acting Chair Pham admitted that past relations felt more like competition than teamwork, but now they’re collaborating through initiatives like the SEC’s Project Crypto and the CFTC’s Crypto Sprint. These efforts feed into the administration’s Working Group on Digital Asset Markets, promising to cut through jurisdictional fog and boost market access.

Former CFTC Chair Giancarlo, Selig’s old boss, pointed out the challenges ahead. He told reporters that rolling out rules under something like the CLARITY Act would be tough without a full commission, especially under an acting chair. And with the government shutdown dragging on—past Senator Tim Scott’s hoped-for September deadline—progress is stalled. Federal agencies are running on fumes, impacting everything from new rule implementation to approving crypto exchange-traded funds.

Democrats have pushed back with their own counter-frameworks, grinding the bill to a halt amid bipartisan squabbles. Yet, the momentum is there. Imagine crypto regulation like two rival sports teams finally agreeing to share the field instead of fighting over it. That’s the goal, but the shutdown is like a referee blowing the whistle indefinitely.

Crypto Community Buzz: Google Searches, Twitter Trends, and Latest Updates

The crypto world is abuzz with this news, and it’s showing up everywhere. On Google, some of the most frequently searched questions right now include “Who is Michael Selig?” “What does Trump’s CFTC nomination mean for crypto?” and “How will CFTC regulate Bitcoin?” People are hungry for insights into how this could affect their investments, with searches spiking around terms like “crypto commodities vs securities” and “US crypto capital.”

Over on Twitter (now X), the conversation is electric. Hashtags like #CryptoCFTC and #SeligNomination are trending, with users debating everything from Ripple’s ongoing battles to the potential for more ETF approvals. Influencers are weighing in: one viral thread from a prominent crypto analyst compared Selig’s views to “unlocking the golden handcuffs on digital assets,” garnering thousands of retweets. The Winklevoss brothers themselves posted about the importance of pro-crypto leadership, subtly nodding to their role in Quintenz’s withdrawal.

As of today, October 31, 2025, the latest updates add even more layers. Just yesterday, Selig retweeted Sacks’ endorsement, adding his own note: “Excited to drive innovation and protect markets—crypto is key to America’s future.” Meanwhile, the Senate Finance Committee announced a hearing date for Selig’s confirmation in mid-November, assuming the shutdown ends soon. On the legislative front, a bipartisan group of senators released a statement urging swift action on the Responsible Financial Innovation Act, citing the need to “maintain US leadership in fintech.” These developments underscore the urgency—crypto isn’t waiting around.

Platforms like WEEX are already positioning themselves to capitalize on this. With features that emphasize secure trading and real-time market insights, WEEX embodies the kind of innovation Selig champions. It’s not just about surviving regulation; it’s about thriving in a system that rewards creativity and user trust. Contrast that with more rigid exchanges—WEEX’s approach feels like a breath of fresh air, aligning perfectly with the pro-crypto wave.

Challenges Ahead: Government Shutdown and Industry Expectations

Of course, no story is without its hurdles. The ongoing government shutdown is the elephant in the room, crippling agencies’ abilities to function fully. Skeleton crews mean delays in everything from rulemaking to enforcement, and it’s hitting crypto hard. Without a budget agreement, even promising nominations like Selig’s could languish.

Then there’s the pressure from industry heavyweights. The Winklevoss brothers’ influence on the Quintenz withdrawal shows how crypto moguls are gatekeeping these roles. Selig will need to navigate that, proving he’s not just pro-crypto but effective at balancing innovation with market integrity.

Looking ahead, if Selig gets confirmed, we could see the CFTC taking a more prominent role in crypto, perhaps overseeing a broader swath of digital assets as commodities. This would be a boon for investors and platforms alike, reducing the regulatory whiplash that’s plagued the space. Think of it as finally drawing clear lines on a map—suddenly, everyone knows where they stand.

In the end, this nomination isn’t just about one person; it’s about signaling to the world that the US is serious about crypto. From Selig’s commodity analogies to the collaborative pushes between agencies, the pieces are aligning for what could be a transformative era. Whether you’re a seasoned trader or just dipping your toes in, moves like this remind us why crypto feels so alive—full of potential, ready to reshape finance as we know it.

FAQ

Who is Michael Selig and what is his background in crypto regulation?

Michael Selig is a lawyer with experience at the CFTC and SEC, including as chief counsel to the SEC’s Crypto Task Force. He’s known for pro-crypto views, treating assets like XRP as commodities rather than securities.

What does Trump’s nomination of Selig mean for the crypto industry?

It could lead to more favorable regulations, shifting oversight to the CFTC and promoting the US as a crypto hub, potentially easing burdens on digital assets.

How does the CFTC differ from the SEC in regulating crypto?

The CFTC focuses on commodities and derivatives, with anti-fraud powers over spot markets, while the SEC handles securities. Selig’s nomination might expand CFTC’s role in crypto.

What impact could the government shutdown have on crypto legislation?

The shutdown delays bills like the Responsible Financial Innovation Act and agency operations, slowing progress on crypto rules and approvals like ETFs.

How might platforms like WEEX benefit from pro-crypto leadership at the CFTC?

Exchanges like WEEX, with strong compliance and innovative features, could see easier operations and growth opportunities under clearer, supportive regulations.

Foreword: Today, the People's Bank of China's website published the "Notice of the People's Bank of China, National Development and Reform Commission, Ministry of Industry and Information Technology, Ministry of Public Security, State Administration for Market Regulation, China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission, State Administration of Foreign Exchange on Further Preventing and Dealing with Risks Related to Virtual Currency and Others (Yinfa [2026] No. 42)", the latest regulatory requirements from the eight departments including the central bank, which are basically consistent with the regulatory requirements of recent years. The main focus of the regulation is on speculative activities such as virtual currency trading, exchanges, ICOs, overseas platform services, and this time, regulatory oversight of RWA has been added, explicitly prohibiting RWA tokenization, stablecoins (especially those pegged to the RMB). The following is the full text:

To the people's governments of all provinces, autonomous regions, and municipalities directly under the Central Government, the Xinjiang Production and Construction Corps:

Recently, there have been speculative activities related to virtual currency and Real-World Assets (RWA) tokenization, disrupting the economic and financial order and jeopardizing the property security of the people. In order to further prevent and address the risks related to virtual currency and Real-World Assets tokenization, effectively safeguard national security and social stability, in accordance with the "Law of the People's Republic of China on the People's Bank of China," "Law of the People's Republic of China on Commercial Banks," "Securities Law of the People's Republic of China," "Law of the People's Republic of China on Securities Investment Funds," "Law of the People's Republic of China on Futures and Derivatives," "Cybersecurity Law of the People's Republic of China," "Regulations of the People's Republic of China on the Administration of Renminbi," "Regulations on Prevention and Disposal of Illegal Fundraising," "Regulations of the People's Republic of China on Foreign Exchange Administration," "Telecommunications Regulations of the People's Republic of China," and other provisions, after reaching consensus with the Cyberspace Administration of China, the Supreme People's Court, and the Supreme People's Procuratorate, and with the approval of the State Council, the relevant matters are notified as follows:

I. Clarify the essential attributes of virtual currency, Real-World Assets tokenization, and related business activities

(I) Virtual currency does not possess the legal status equivalent to fiat currency. Virtual currencies such as Bitcoin, Ether, Tether, etc., have the main characteristics of being issued by non-monetary authorities, using encryption technology and distributed ledger or similar technology, existing in digital form, etc. They do not have legal tender status, should not and cannot be circulated and used as currency in the market.

The business activities related to virtual currency are classified as illegal financial activities. The exchange of fiat currency and virtual currency within the territory, exchange of virtual currencies, acting as a central counterparty in buying and selling virtual currencies, providing information intermediary and pricing services for virtual currency transactions, token issuance financing, and trading of virtual currency-related financial products, etc., fall under illegal financial activities, such as suspected illegal issuance of token vouchers, unauthorized public issuance of securities, illegal operation of securities and futures business, illegal fundraising, etc., are strictly prohibited across the board and resolutely banned in accordance with the law. Overseas entities and individuals are not allowed to provide virtual currency-related services to domestic entities in any form.

A stablecoin pegged to a fiat currency indirectly fulfills some functions of the fiat currency in circulation. Without the consent of relevant authorities in accordance with the law and regulations, any domestic or foreign entity or individual is not allowed to issue a RMB-pegged stablecoin overseas.

（II）Tokenization of Real-World Assets refers to the use of encryption technology and distributed ledger or similar technologies to transform ownership rights, income rights, etc., of assets into tokens (tokens) or other interests or bond certificates with token (token) characteristics, and carry out issuance and trading activities.

Engaging in the tokenization of real-world assets domestically, as well as providing related intermediary, information technology services, etc., which are suspected of illegal issuance of token vouchers, unauthorized public offering of securities, illegal operation of securities and futures business, illegal fundraising, and other illegal financial activities, shall be prohibited; except for relevant business activities carried out with the approval of the competent authorities in accordance with the law and regulations and relying on specific financial infrastructures. Overseas entities and individuals are not allowed to illegally provide services related to the tokenization of real-world assets to domestic entities in any form.

II. Sound Work Mechanism

(III) Inter-agency Coordination. The People's Bank of China, together with the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Public Security, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, and other departments, will improve the work mechanism, strengthen coordination with the Cyberspace Administration of China, the Supreme People's Court, and the Supreme People's Procuratorate, coordinate efforts, and overall guide regions to carry out risk prevention and disposal of virtual currency-related illegal financial activities.

The China Securities Regulatory Commission, together with the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Public Security, the People's Bank of China, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, the State Administration of Foreign Exchange, and other departments, will improve the work mechanism, strengthen coordination with the Cyberspace Administration of China, the Supreme People's Court, and the Supreme People's Procuratorate, coordinate efforts, and overall guide regions to carry out risk prevention and disposal of illegal financial activities related to the tokenization of real-world assets.

(IV) Strengthening Local Implementation. The people's governments at the provincial level are overall responsible for the prevention and disposal of risks related to virtual currencies and the tokenization of real-world assets in their respective administrative regions. The specific leading department is the local financial regulatory department, with participation from branches and dispatched institutions of the State Council's financial regulatory department, telecommunications regulators, public security, market supervision, and other departments, in coordination with cyberspace departments, courts, and procuratorates, to improve the normalization of the work mechanism, effectively connect with the relevant work mechanisms of central departments, form a cooperative and coordinated working pattern between central and local governments, effectively prevent and properly handle risks related to virtual currencies and the tokenization of real-world assets, and maintain economic and financial order and social stability.

III. Strengthened Risk Monitoring, Prevention, and Disposal

(5) Enhanced Risk Monitoring. The People's Bank of China, China Securities Regulatory Commission, National Development and Reform Commission, Ministry of Industry and Information Technology, Ministry of Public Security, State Administration of Foreign Exchange, Cyberspace Administration of China, and other departments continue to improve monitoring techniques and system support, enhance cross-departmental data analysis and sharing, establish sound information sharing and cross-validation mechanisms, promptly grasp the risk situation of activities related to virtual currency and real-world asset tokenization. Local governments at all levels give full play to the role of local monitoring and early warning mechanisms. Local financial regulatory authorities, together with branches and agencies of the State Council's financial regulatory authorities, as well as departments of cyberspace and public security, ensure effective connection between online monitoring, offline investigation, and fund tracking, efficiently and accurately identify activities related to virtual currency and real-world asset tokenization, promptly share risk information, improve early warning information dissemination, verification, and rapid response mechanisms.

(6) Strengthened Oversight of Financial Institutions, Intermediaries, and Technology Service Providers. Financial institutions (including non-bank payment institutions) are prohibited from providing account opening, fund transfer, and clearing services for virtual currency-related business activities, issuing and selling financial products related to virtual currency, including virtual currency and related financial products in the scope of collateral, conducting insurance business related to virtual currency, or including virtual currency in the scope of insurance liability. Financial institutions (including non-bank payment institutions) are prohibited from providing custody, clearing, and settlement services for unauthorized real-world asset tokenization-related business and related financial products. Relevant intermediary institutions and information technology service providers are prohibited from providing intermediary, technical, or other services for unauthorized real-world asset tokenization-related businesses and related financial products.

(7) Enhanced Management of Internet Information Content and Access. Internet enterprises are prohibited from providing online business venues, commercial displays, marketing, advertising, or paid traffic diversion services for virtual currency and real-world asset tokenization-related business activities. Upon discovering clues of illegal activities, they should promptly report to relevant departments and provide technical support and assistance for related investigations and inquiries. Based on the clues transferred by the financial regulatory authorities, the cyberspace administration, telecommunications authorities, and public security departments should promptly close and deal with websites, mobile applications (including mini-programs), and public accounts engaged in virtual currency and real-world asset tokenization-related business activities in accordance with the law.

(8) Strengthened Entity Registration and Advertisement Management. Market supervision departments strengthen entity registration and management, and enterprise and individual business registrations must not contain terms such as "virtual currency," "virtual asset," "cryptocurrency," "crypto asset," "stablecoin," "real-world asset tokenization," or "RWA" in their names or business scopes. Market supervision departments, together with financial regulatory authorities, legally enhance the supervision of advertisements related to virtual currency and real-world asset tokenization, promptly investigating and handling relevant illegal advertisements.

（IX） Continued Rectification of Virtual Currency Mining Activities. The National Development and Reform Commission, together with relevant departments, strictly controls virtual currency mining activities, continuously promotes the rectification of virtual currency mining activities. The people's governments of various provinces take overall responsibility for the rectification of "mining" within their respective administrative regions. In accordance with the requirements of the National Development and Reform Commission and other departments in the "Notice on the Rectification of Virtual Currency Mining Activities" (NDRC Energy-saving Building [2021] No. 1283) and the provisions of the "Guidance Catalog for Industrial Structure Adjustment (2024 Edition)," a comprehensive review, investigation, and closure of existing virtual currency mining projects are conducted, new mining projects are strictly prohibited, and mining machine production enterprises are strictly prohibited from providing mining machine sales and other services within the country.

（X） Severe Crackdown on Related Illegal Financial Activities. Upon discovering clues to illegal financial activities related to virtual currency and the tokenization of real-world assets, local financial regulatory authorities, branches of the State Council's financial regulatory authorities, and other relevant departments promptly investigate, determine, and properly handle the issues in accordance with the law, and seriously hold the relevant entities and individuals legally responsible. Those suspected of crimes are transferred to the judicial authorities for processing according to the law.

（XI） Severe Crackdown on Related Illegal and Criminal Activities. The Ministry of Public Security, the People's Bank of China, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, as well as judicial and procuratorial organs, in accordance with their respective responsibilities, rigorously crack down on illegal and criminal activities related to virtual currency, the tokenization of real-world assets, such as fraud, money laundering, illegal business operations, pyramid schemes, illegal fundraising, and other illegal and criminal activities carried out under the guise of virtual currency, the tokenization of real-world assets, etc.

（XII） Strengthen Industry Self-discipline. Relevant industry associations should enhance membership management and policy advocacy, based on their own responsibilities, advocate and urge member units to resist illegal financial activities related to virtual currency and the tokenization of real-world assets. Member units that violate regulatory policies and industry self-discipline rules are to be disciplined in accordance with relevant self-regulatory management regulations. By leveraging various industry infrastructure, conduct risk monitoring related to virtual currency, the tokenization of real-world assets, and promptly transfer issue clues to relevant departments.

IV. Strict Supervision of Domestic Entities Engaging in Overseas Business Activities

（XIII） Without the approval of relevant departments in accordance with the law and regulations, domestic entities and foreign entities controlled by them may not issue virtual currency overseas.

（XIV） Domestic entities engaging directly or indirectly in overseas external debt-based tokenization of real-world assets, or conducting asset securitization activities abroad based on domestic ownership rights, income rights, etc. (hereinafter referred to as domestic equity), should be strictly regulated in accordance with the principles of "same business, same risk, same rules." The National Development and Reform Commission, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, and other relevant departments regulate it according to their respective responsibilities. For other forms of overseas real-world asset tokenization activities based on domestic equity by domestic entities, the China Securities Regulatory Commission, together with relevant departments, supervise according to their division of responsibilities. Without the consent and filing of relevant departments, no unit or individual may engage in the above-mentioned business.

(15) Overseas subsidiaries and branches of domestic financial institutions providing Real World Asset Tokenization-related services overseas shall do so legally and prudently. They shall have professional personnel and systems in place to effectively mitigate business risks, strictly implement customer onboarding, suitability management, anti-money laundering requirements, and incorporate them into the domestic financial institutions' compliance and risk management system. Intermediaries and information technology service providers offering Real World Asset Tokenization services abroad based on domestic equity or conducting Real World Asset Tokenization business in the form of overseas debt for domestic entities directly or indirectly venturing abroad must strictly comply with relevant laws and regulations. They should establish and improve relevant compliance and internal control systems in accordance with relevant normative requirements, strengthen business and risk control, and report the business developments to the relevant regulatory authorities for approval or filing.

V. Strengthen Organizational Implementation

(16) Strengthen organizational leadership and overall coordination. All departments and regions should attach great importance to the prevention of risks related to virtual currencies and Real World Asset Tokenization, strengthen organizational leadership, clarify work responsibilities, form a long-term effective working mechanism with centralized coordination, local implementation, and shared responsibilities, maintain high pressure, dynamically monitor risks, effectively prevent and mitigate risks in an orderly and efficient manner, legally protect the property security of the people, and make every effort to maintain economic and financial order and social stability.

(17) Widely carry out publicity and education. All departments, regions, and industry associations should make full use of various media and other communication channels to disseminate information through legal and policy interpretation, analysis of typical cases, and education on investment risks, etc. They should promote the illegality and harm of virtual currencies and Real World Asset Tokenization-related businesses and their manifestations, fully alert to potential risks and hidden dangers, and enhance public awareness and identification capabilities for risk prevention.

VI. Legal Responsibility

(18) Engaging in illegal financial activities related to virtual currencies and Real World Asset Tokenization in violation of this notice, as well as providing services for virtual currencies and Real World Asset Tokenization-related businesses, shall be punished in accordance with relevant regulations. If it constitutes a crime, criminal liability shall be pursued according to the law. For domestic entities and individuals who knowingly or should have known that overseas entities illegally provided virtual currency or Real World Asset Tokenization-related services to domestic entities and still assisted them, relevant responsibilities shall be pursued according to the law. If it constitutes a crime, criminal liability shall be pursued according to the law.

(19) If any unit or individual invests in virtual currencies, Real World Asset Tokens, and related financial products against public order and good customs, the relevant civil legal actions shall be invalid, and any resulting losses shall be borne by them. If there are suspicions of disrupting financial order and jeopardizing financial security, the relevant departments shall deal with them according to the law.

This notice shall enter into force upon the date of its issuance. The People's Bank of China and ten other departments' "Notice on Further Preventing and Dealing with the Risks of Virtual Currency Trading Speculation" (Yinfa [2021] No. 237) is hereby repealed.

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