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New CFTC Chairman Expresses Support for Crypto Industry, Launches 'Digital Asset Protection' Initiative
BlockBeats News, January 21st, Mike Selig, the newly appointed Chairman of the U.S. Commodity Futures Trading Commission (CFTC) by President Trump, stated that he will spearhead a plan to establish rules aimed at "future-proofing" the crypto industry, formalizing a regulatory framework through the official legislative process for crypto assets and other financial innovation areas to prevent easy overturning in the future.
In a piece written on Tuesday on the social platform X and in The Washington Post, Selig mentioned that the CFTC will move away from "enforcement-first" approach to regulation and tailor formal rules for emerging markets such as digital assets to ensure the global competitiveness of the U.S. financial markets. He noted that the digital asset economy has evolved from a "novelty" to a market worth about $3 trillion.
Although specific regulatory details have not been disclosed yet, Selig stated that more policy adjustments will be announced in the coming days and an Innovation Advisory Committee will be established to provide guidance for financial innovations including crypto assets, prediction markets, and perpetual contracts.
Selig also emphasized that regulatory policies formed through the formal rulemaking process will be more stable than informal guidance and less likely to be overturned by future administrations. On the same day, the CFTC also announced the hiring of crypto lawyer Michael Passalacqua to assist in related work.
Analysts believe that this statement continues the overall regulatory stance of the Trump administration favoring crypto innovation, and the CFTC may become one of the most crucial regulatory agencies for the U.S. crypto market in the future.
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