Just a month into his role as chairman of the Commodity Futures Trading Commission (CFTC), Michael Selig made an impact by launching the 'Future Proof' initiative. This step aims to modernize the regulators' approach to overseeing digital assets and the increasingly popular prediction markets.
In his column in The Washington Post, Selig stated that the rules created decades ago for agricultural commodity futures contracts are no longer suitable for new trading products and venues, such as crypto. 'CFTC must upgrade,' he asserted, by implementing what he calls 'a minimum effective dose of regulation.'