US CFTC Chairman Michael Selig launches Future Proof initiative to upgrade cryptocurrency regulation

Odaily Planet Daily reports that U.S. CFTC Chairman Michael Selig stated in a Washington Post article that the Commodity Futures Trading Commission is developing a new approach and announced the launch of a new initiative called Future Proof, aimed at modernizing the regulation of digital assets. Michael Selig said that derivatives regulators need to upgrade and plan to conduct a comprehensive review of existing rules, with the goal of adopting what he describes as minimum effective dose regulation. He pointed out that rules designed decades ago for agricultural commodity futures contracts are not suitable for emerging products or trading venues. Just as American companies are modernizing traditional financial systems through new technologies, the CFTC must upgrade its methods to unleash innovation. Michael Selig, appointed by Donald Trump and sworn in last month, stated that if Congress passes legislation on digital asset market structure, the CFTC will assume broad new responsibilities and ensure that these markets thrive domestically through a tailored regulatory framework, maintaining the United States’ leadership in the market. Currently, lawmakers are debating bills to expand the CFTC’s jurisdiction over the digital asset industry. (The Block)