The U.S. Commodity Futures Trading Commission (CFTC) has recently announced the launch of the "Future Proof" regulatory initiative, aiming to systematically review the existing regulatory framework. This move reflects a reality — traditional regulations tailored for the futures market are clearly struggling to keep up with the emerging digital assets and innovative trading models.

CFTC Chairman Mike Selig emphasized in public that the agency will adhere to the principle of "minimum effective regulatory intensity." This may sound like a relaxation of restrictions, but it actually reveals a deeper shift in regulatory thinking — rather than rigidly applying outdated frameworks, it is better to reassess what kinds of rules can both protect market participants and preserve the innovative vitality of emerging markets.

The diversity of digital asset trading scenarios indeed presents challenges for regulation. Whether it is spot trading of crypto assets, derivatives markets, or the emergence of various new exchanges, all are testing the boundaries of the current regulatory system. This comprehensive review, to some extent, is the CFTC acknowledging that a one-size-fits-all regulatory approach can no longer keep pace with market developments.