Mike Selig, the new chairman of the US Commodity Futures Commission (CFTC), has announced strong support for the cryptocurrency sector.
Selig, appointed by US President Donald Trump, announced a new plan called “Future Protection,” aiming to create a lasting regulatory framework for crypto assets and other financial innovations.
In articles published on both the X platform and The Washington Post, Selig stated that the CFTC will end its long-criticized “enforcement instead of regulation” approach. Accordingly, the institution will develop specific, formal, and sector-tailored rules for emerging markets such as digital assets. Selig argued that this step is critical to protecting the global competitiveness of US financial markets.
The new CFTC Chair stated that the digital asset economy is no longer a “novelty” and has reached a market size of approximately $3 trillion. Selig said that details of the regulations, which have not yet been shared, will become clearer in the coming days, and also announced the establishment of an Innovation Advisory Committee to guide areas such as cryptocurrencies, prediction markets, and perpetual contracts.
Selig also stated that regulations developed through formal rule-making processes are far more stable than informal guidelines and cannot be easily overturned by subsequent administrations. On the same day, the CFTC announced that Michael Passalacqua, a lawyer specializing in crypto law, had joined the institution as an advisor.
*This is not investment advice.