Should Exchanges Stay Vertically Integrated?

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President Donald Trump's pick for chair, Mike Selig, has cleared the Senate Agriculture Committee just as lawmakers look set to hand over crypto oversight to the agency.

In this episode, former CFTC Chair Chris Giancarlo joins Unchained Executive Editor Steven Ehrlich to unpack Selig's Senate hearing. Chris shares his experience working with Mike, why the CFTC should get more resources to handle crypto and crypto's unique commodity trading structure.

He also touches on the challenges the agency could face regulating crypto, whether exchanges should be allowed to continue performing several functions under one umbrella, the timeline for CLARITY and the regulatory path ahead for prediction markets.

Host:

• Steve Ehrlich, Executive Editor at Unchained

Guest:

• J. Christopher Giancarlo, Former Commissioner of the CTFC

Links:

• Unchained:

• Prospective CFTC Chair Says It’s ‘Vitally Important to Have a Cop On The Beat’ in Crypto

• Senate Committee Shares Bipartisan Draft on Crypto Market Structure Bill

• The Chopping Block: When Wall Street Meets DeFi — How Equity Perps and RWAs Redefine Leverage On-Chain

• DEX in the City: Are Prediction Markets Gambling, and Who Should Regulate Them?

• Polymarket Quietly Relaunches in U.S. in Beta Mode: Report

Timestamps:

🚀 00:00 Introduction 

⚡️1:41 Chris details his experience working with Mike Selig

🤔 6:34 Does the CFTC have enough resources to handle crypto?

📽 10:34 Crypto’s unique commodity trading structure

🧱 13:37 The challenges the CFTC could face with crypto's unique trading structure

🤔 15:15 Should crypto exchanges remain vertically integrated?

💡17:25 How DeFi should be regulated

🧏 20:46 Why Chris says crypto perps do not need new laws

🔮 24:49 Mike's confirmation timeline

💥 25:46 Why prediction markets are important

👀 27:57 Why Chris compares the regulatory trajectory of prediction markets to Uber

💡 28:57 What regulations could look like for prediction markets

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