Lates News

Mike Selig, chairman of the Commodity Futures Trading Commission (CFTC), said during an appearance on the All-In Podcast that "My original intention in joining the U.S. government was to help develop transitional policies to ensure that we have rules and regulations suitable for emerging innovative technologies and financial products. Therefore, one of my focuses at work is the cryptocurrency market. As listeners may be interested in, there is currently some legislative work that we hope to collaborate with David Sacks on and push for the approval of the U.S. President to sign. This will be a crucial step. In the future, the CFTC will have broad regulatory authority over the spot market, and we are already prepared to implement these rules once the legislation is passed. Another focus of our agenda is to modernize and upgrade rules and regulations for on-chain software systems, blockchain networks, and other digital asset products. Regardless of how legislation progresses, it is crucial to establish rules and regulations for the future to adapt to today and tomorrow's innovations. This not only involves blockchain but also includes fields such as artificial intelligence and other technological innovations. Therefore, there are many aspects of our regulatory framework that need to be adjusted to ensure it can adapt to these innovations. The CFTC is working with the SEC to develop a memorandum of understanding, and both agencies are finalizing and implementing this memorandum to share information and coordinate actions on specific issues to ensure there are no conflicts of interest in the future. Of course, this coordination starts at the highest levels. We need to clarify regulatory boundaries to ensure that market participants are not simultaneously subject to duplicative regulatory constraints. Another area of concern is cryptocurrency assets. We have blockchain networks, smart contracts, protocols that include both securities and non-securities trading, and cross different jurisdictions. We must ensure consistent standards because it is not feasible for securities to use one blockchain while commodities use another, with no mechanism to connect them in between."