According to The Block, newly appointed CFTC (U.S. Commodity Futures Trading Commission) Chair Rostin "Mike" Behnam announced on January 20 the launch of the "Future Proof" initiative, aimed at modernizing the CFTC's regulatory approach to digital assets. In an op-ed published in The Washington Post, Behnam emphasized that the existing regulatory framework is no longer suitable for the emerging digital asset market and called for a "minimum effective dose" regulatory strategy. Behnam stated that if Congress passes legislation to expand the CFTC's regulatory authority, the agency is prepared to take on the responsibility of regulating the digital asset market.
CFTC Chairman Launches 'Future Proof' Plan to Modernize Crypto Regulation
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Summary
CFTC Chairman Michael Seelig announced the "Future Proof" plan on January 20 to modernize digital asset regulation. In an op-ed in the Washington Post, he called for a "minimum effective dose" approach, stating that current regulations do not match the fast-paced market. He noted that the CFTC is prepared to take on more oversight if Congress expands its authority. Seelig also emphasized the need to align CFT (Countering the Financing of Terrorism) compliance with the evolving practices in the cryptocurrency industry.
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