On October 5, Michael S. Selig, Chairman of the U.S. Commodity Futures Trading Commission (CFTC), announced that the CFTC has officially proposed its first set of regulations for the cryptocurrency market, aimed at fostering innovation and protecting investors. Previously, due to Congress not passing a bill that clearly defines the federal legal status of crypto assets, the CFTC and SEC turned to their existing statutory powers to lead the development of market structure rules; the new regulations mark a shift in U.S. federal cryptocurrency oversight from 'enforcement over legislation' to 'proactive rule-making'.
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