New CFTC Chair Mike Selig Unveils 'Future Proof' Initiative to Future-Proof Overhaul of Crypto Oversight
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Summary
- Mike Selig, the new chair of the U.S. CFTC, said he has unveiled the “Future Proof” initiative to overhaul oversight of virtual assets (cryptocurrencies).
- Selig said he plans to institutionalize oversight of the virtual-asset market through formal rulemaking, rather than the existing enforcement-led approach.
- He said the initiative is part of the CFTC’s efforts to create a clearer and more predictable regulatory framework for the crypto and digital-asset markets.
Mike Selig, the new chair of the U.S. Commodity Futures Trading Commission (CFTC), has unveiled the “Future Proof” initiative to overhaul the supervisory framework for innovative finance, including virtual assets (cryptocurrencies).
According to crypto-focused media outlet CoinDesk on the 20th (local time), Selig said the initiative will institutionalize rules for innovative finance—including oversight of the virtual-asset market—through formal rulemaking rather than the existing enforcement-led approach.
In a post on X (formerly Twitter) and an op-ed for The Washington Post, Selig said, “To respond to the rapidly changing landscape of financial innovation, we need to modernize the supervisory framework with a forward-looking approach,” adding that he would announce additional policy changes in the near term.
The initiative is seen as part of the CFTC’s efforts to establish a clearer and more predictable regulatory framework for the crypto and digital-asset markets.
