CFTC Chairman: New regulations will promote cryptocurrency innovation and protect investors, marking a significant shift in federal cryptocurrency regulation in the United States

According to The Wall Street Journal, Michael S. Selig, chairman of the U.S. Commodity Futures Trading Commission (CFTC), announced on October 5 that the CFTC has officially proposed the first batch of regulatory rules for the cryptocurrency market, aimed at promoting innovation and protecting investors.

Previously, due to Congress's failure to pass relevant bills clarifying the federal legal status of cryptocurrency assets, the CFTC and SEC turned to existing statutory powers to lead the formulation of market structure rules. During the previous administration, the two regulatory agencies primarily targeted cryptocurrency exchanges, custodians, and software developers through enforcement actions, resulting in a large number of cryptocurrency companies moving overseas.

The introduction of the new rules marks an important shift in U.S. federal cryptocurrency regulation from "enforcement instead of legislation" to "proactive rule-making."