CFTC Chairman Selig launches “Future Proof” initiative to review rules to adapt to crypto assets.

Mike Selig, Chairman of the U.S. Commodity Futures Trading Commission (CFTC), announced a new initiative called "Future Proof," which aims to comprehensively review existing regulatory rules to adapt to the development of emerging markets such as crypto assets. Selig stated that the CFTC will adopt a "minimum effective regulatory strength" principle, believing that existing rules designed for traditional futures are insufficient to cover new digital assets and trading venues. He said the agency is ready to assume more regulatory responsibility for crypto if Congress passes legislation on digital asset market structures and expands the CFTC's authority; the initiative also covers the rapidly growing prediction markets, and more policy adjustments will be announced in the coming days. (The Block)