CFTC Chair Mike Selig unveils ‘Future Proof’ initiative to upgrade crypto oversight

CFTC Chair Michael Selig announced the 'Future Proof' initiative, signaling a new direction for the agency to modernize its approach to digital assets. Selig stated that decades-old rules designed for agricultural futures are inadequate for nascent products and trading venues, aiming instead for the "minimum effective dose of regulation" to unleash innovation. This move comes as lawmakers debate legislation that could broaden the CFTC's authority over crypto, despite recent setbacks in the Senate. Selig expressed readiness to regulate if Congress passes legislation, promising tailored frameworks. The initiative also appears to cover prediction markets, which have seen increased scrutiny over insider trading concerns, though the CFTC under the Trump administration has previously granted approval to several firms in this space.

(Source：The Block)