The CFTC chairman announced the launch of the "Future Proof" program to upgrade the agency's approach to cryptocurrency regulation.
PANews reported on January 20th that, according to The Block, Michael Selig, Chairman of the U.S. Commodity Futures Trading Commission (CFTC), announced the launch of the "Future Proof" program, aimed at comprehensively upgrading the agency's approach to regulating digital assets. In his first month in office, Selig stated that the CFTC needs to "upgrade" and plans to conduct a broad review of its rules, aiming to achieve a "minimum effective dose of regulation." He pointed out that decades-old rules designed for agricultural futures contracts still apply to traditional markets but do not cover emerging products or trading venues; the CFTC must upgrade its approach to unleash innovation.
Despite the legislative process being stalled last week due to disagreements over the handling of stablecoin yields, Selig stated that the CFTC is ready to regulate the crypto industry, adding that if Congress passes legislation making the U.S. a crypto hub, the CFTC will assume a range of new responsibilities. This plan also appears to cover prediction markets. Selig stated that with the emergence of new asset classes and the evolving role of the CFTC, guidelines should not only be suitable for the products but also serve tailored regulatory objectives. He revealed that the agency plans to announce further "policy changes" in the coming days.
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