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

According to Odaily, US CFTC Chairman Michael Selig wrote in the Washington Post that the Commodity Futures Trading Commission is setting a new course and announced the launch of a new initiative called Future Proof, aimed at modernizing the regulatory approach to digital assets. Michael Selig stated that the derivatives regulatory agency needs to 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 companies have modernized the traditional financial system by leveraging new technologies, the CFTC must upgrade its approach to unleash innovation. Appointed by Donald Trump and taking office last month, Michael Selig said that if Congress passes digital asset market structure legislation, the CFTC will take on broad new responsibilities and ensure that these markets thrive domestically through a tailored regulatory framework, maintaining the US market’s leading position. Currently, lawmakers are debating a bill to expand the CFTC’s jurisdiction over the digital asset industry. (The Block)