CFTC Says It's "Go Time" for Crypto Rules as MoonPay Buys North Capital

Two developments out of the United States on September 23–24 show how quickly the crypto industry's regulatory and business landscape is changing. The Commodity Futures Trading Commission (CFTC) said it is ready to build market-structure rules for digital assets without waiting for Congress, while payments company MoonPay agreed to acquire the SEC-registered firm North Capital to expand into tokenized securities.

CFTC Signals It Will Not Wait for Congress

CFTC Chair Michael Selig told CNBC on Wednesday that the agency is moving ahead with crypto market-structure rules. "It's go time," he said. He added that the administration had prepared for the possibility that legislation would stall, and that regulators already hold significant statutory authority to act through rulemaking.

The comments follow the setback for the CLARITY Act, which failed to advance in the Senate earlier this month and left the industry without a federal law defining how digital-asset markets should be supervised. Selig's message is that the gap will not stay open indefinitely.

He also said the CFTC is reviewing its rulebook to prepare for markets that run around the clock on blockchain networks and rely increasingly on algorithms and automated, agent-driven finance. The agency has not yet detailed which instruments it will use or when they will arrive, so market participants are still waiting to see what form the rules will take.

MoonPay Buys North Capital to Enter Tokenized Securities

On Wednesday, MoonPay announced an agreement to acquire North Capital, a Utah-based private-markets infrastructure provider. The all-stock deal is reportedly valued at more than $60 million, although the companies have not disclosed the price. The transaction remains subject to regulatory approval, and North Capital will operate as a wholly owned MoonPay subsidiary once it closes.

North Capital brings a set of regulated capabilities, including brokerage, transfer agent and investment advisory registrations. It also runs PPEX, an SEC-registered alternative trading system where more than 1,250 approved assets can be traded on the secondary market. The platform has supported over $8.7 billion in transaction volume.

MoonPay, best known for letting users buy crypto with cards and bank transfers, described the acquisition as a step toward building the regulatory foundation for mass adoption of tokenized real-world assets. The deal adds to its 2026 purchases of DFlow, Sodot and Entendre.

Why the Two Stories Belong Together

Side by side, the news shows two halves of the same shift. Regulators are signaling that they intend to define the rules for crypto markets, while established crypto companies are buying the licenses and infrastructure needed to operate inside those rules.

For MoonPay, owning a regulated brokerage and trading venue could shorten the path to offering tokenized assets to US customers, assuming the deal wins approval. For the wider industry, a clearer CFTC framework could give companies more certainty about where the boundaries lie. It is worth stressing that neither side has linked the two developments; the connection is one of timing and direction.

Market Backdrop

Bitcoin closed Wednesday near $84,400, down about 2%, after pulling back from levels above $87,000. Ether, Solana and XRP also finished lower. With prices consolidating, regulatory and corporate headlines are drawing more attention than daily price moves.

What to Watch Next

Readers should watch for the CFTC's first concrete rule proposals or guidance, any regulatory decision on the MoonPay–North Capital deal, and whether other crypto firms follow with acquisitions of licensed securities infrastructure. Digital-asset prices remain volatile, and this article is for informational purposes only and does not constitute financial advice.