CFTC Welcomes New Chair: Is U.S. Encryption Regulation About to Shift?

[Chain News] The Commodity Futures Trading Commission ( CFTC ) has undergone a major personnel adjustment. Caroline D. Pham has stepped down as acting chair, and Michael Selig takes over as the 16th chair of the commission.

Selig's background is not simple - he has worked in the SEC's specialized group on crypto assets and has always been very concerned about the legislative structure of the digital asset market. More notably, he has publicly opposed the practice of “regulation by enforcement”, which suggests that the CFTC may adjust its regulatory approach in the future.

What does Selig plan to do after taking office? He intends to push the CFTC to formulate more “common-sense” rules, in other words, he hopes for regulation that is more pragmatic and closer to market realities. He also put forth a slogan: help the U.S. become the global center for crypto capital.

This signal should not be underestimated. From the SEC to the CFTC, Selig's experience in two key regulatory agencies may indicate that a new change in the U.S. crypto regulatory framework is brewing.