U.S. CFTC Chairman Launches Future Proof Plan to Modernize Crypto Regulation

Odaily Planet Daily News: CFTC (U.S. Commodity Futures Trading Commission) Chair Michael Selig stated that the agency is developing a new strategy and has launched a new initiative called "Future Proof," aimed at modernizing the regulatory approach for digital assets. Michael Selig said that derivatives regulators need to upgrade their methods and plan to conduct a broad review of existing rules, with the goal of adopting what he described as "minimum effective dose" regulation. Selig pointed out that decades-old rules designed for agricultural commodity futures contracts are not suitable for emerging products or trading venues. Just as U.S. businesses have modernized traditional financial systems by leveraging new technologies, the CFTC must upgrade its approach to foster innovation. Appointed by Donald Trump and assuming office last month, Selig said that if Congress passes legislation on digital asset market structure, the CFTC will take on a wide range of new responsibilities and ensure these markets thrive domestically through tailored regulatory frameworks, maintaining the leadership position of U.S. markets. Currently, lawmakers are debating bills to expand the CFTC's jurisdiction over the digital asset industry. (The Block)