Mike Selig, the new chairman of the United States 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”, aimed at creating a sustainable regulatory framework for crypto assets and other financial innovations.
In articles published on both Platform X and the Washington Post, Selig said the CFTC would end its long-criticized “enforcement over 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 essential to protect the global competitiveness of U.S. financial markets.
The new CFTC chairman said the digital asset economy is no longer a “novelty” and has reached a market size of around $3 trillion. Selig said details of the regulations, which have not yet been shared, will become clearer in the coming days, and also announced the creation of an innovation advisory committee to guide areas such as cryptocurrencies, prediction markets and perpetual contracts.
Selig also said that regulations developed through formal rulemaking processes are much more stable than informal guidelines and cannot be easily reversed by subsequent administrations. The same day, the CFTC announced that Michael Passalacqua, a lawyer specializing in cryptocurrency law, had joined the institution as an advisor.
*This does not constitute investment advice.
