New CFTC chair pledges overhaul as crypto, predictions abound
The newly appointed head of the US regulator is wasting no time in proposing big changes.
Less than a month into his tenure as chairman of the US Commodity Futures Trading Commission, Michael Selig on Tuesday announced a initiative to “future-proof” the regulator to better account for emerging financial technologies like cryptocurrency and prediction markets.
In an op-ed for the Washington Post and on social media, Selig decried the commission’s existing structure, which he described as “arbitrary, cumbersome and opaque”.
Instead, the new chairman asserted, modern fintech innovations require a “comprehensive review of the agency’s existing rules” as well as “clear and fit-for-purpose regulations” for…
