CFTC Chairman Mike Selig announced Tuesday the launch of the “Future-Proof” initiative aimed at modernizing the agency’s regulatory approach to emerging markets, including digital assets and prediction markets.
The program aims to replace outdated, enforcement-focused rules with tailored, tailored regulations, providing clear, codified guidance to participants in digital assets, perpetual futures and prediction markets.
“Instead of fostering ingenuity with new rules, the Biden administration regulated through enforcement — subjecting new products like digital assets and perpetual futures to legacy rules that couldn’t fit the product, but might fit the prosecutor,” said Selig, who took over as CEO of the CFTC last month.
According to the CFTC chief, the growth of the digital asset economy to $3 trillion and the increasing popularity of prediction markets prove that these sectors require updated regulatory frameworks.
“The CFTC’s approach will be to provide the minimum effective dose of regulation – no more, no less,” he said.
The CFTC plans to implement new guidance through notice and comment rules, with further policy updates to follow shortly.
Selig also announced today the appointments of two senior executives, including Michael Passalacqua, who has extensive experience in crypto and financial regulation, and Cal Mitchell, with strong experience in government affairs and policy advisory roles.
