CFTC Chairman Michael Selig Launches Future Proof Program to Upgrade Crypto Regulation

Odaily News: Michael Selig, Chairman of the U.S. Commodity Futures Trading Commission (CFTC), stated in an article published in The Washington Post that the CFTC is charting a new course and has announced the launch of a new program called "Future Proof," aimed at modernizing the regulatory approach for digital assets. Michael Selig stated that the derivatives regulator needs an upgrade and plans to conduct a comprehensive review of existing rules, with the goal of adopting what he described as the "minimum effective dose" of regulation. Michael Selig pointed out that rules designed decades ago for agricultural futures contracts are not suitable for emerging products or trading venues. Just as American businesses are modernizing the traditional financial system by leveraging new technologies, the CFTC must upgrade its methods to unlock innovation. Appointed by Donald Trump and taking office last month, Michael Selig stated that if Congress passes digital asset market structure legislation, the CFTC will assume broad new responsibilities and ensure these markets thrive domestically through tailored regulatory frameworks, maintaining the leading position of U.S. markets. Currently, lawmakers are debating bills to expand the CFTC's jurisdiction over the digital asset industry. (The Block)