CFTC Chairman Michael Selig launches Future Proof program to upgrade crypto regulation.

Michael Selig, chairman of the U.S. Commodity Futures Trading Commission (CFTC), stated that the agency is developing a new roadmap and announced the launch of a new initiative called Future Proof, aimed at modernizing the way digital assets are regulated. Selig said the derivatives regulator needs an upgrade and plans a broad review of existing rules, aiming to adopt the minimum effective dose of regulation he describes. He pointed out that decades-old rules designed for agricultural futures contracts are not suitable for emerging products or trading venues, and just as U.S. businesses modernize the traditional financial system by leveraging new technologies, the CFTC must upgrade its approach to unleash innovation. Selig, appointed by Donald Trump and sworn in last month, stated that if Congress passes legislation on digital asset market structures, the CFTC will assume broad new responsibilities and ensure these markets thrive domestically through a tailored regulatory framework, maintaining the U.S. market's leading position. Currently, lawmakers are debating a bill to expand the CFTC's jurisdiction over the digital asset industry. (The Block)