U.S. CFTC Chairman Michael Selig launches the Future Proof initiative to upgrade cryptocurrency regulation

The chairman of the U.S. CFTC, Michael Selig, stated in an article for the Washington Post that the Commodity Futures Trading Commission is charting a new course and has announced the launch of a new initiative called Future Proof, aimed at modernizing the regulatory approach to digital assets.

Michael Selig indicated that the derivatives regulatory agency needs an upgrade and plans to conduct a comprehensive review of existing rules, with the goal of adopting what he describes as a minimum effective dose of regulation. He pointed out that decades-old rules designed for agricultural futures contracts are not suitable for emerging products or trading venues. Just as American businesses have modernized the traditional financial system by leveraging new technologies, the CFTC must upgrade its approach to unleash innovation.

Michael Selig, appointed by Donald Trump, took office last month. He stated that if Congress passes legislation on digital asset market structure, the CFTC will take on a broad new set of responsibilities and ensure that these markets thrive domestically through a tailored regulatory framework, maintaining the leading position of U.S. markets. Currently, lawmakers are debating a bill to expand the CFTC's jurisdiction over the digital asset industry.