#加密货币监管政策 Seeing the news of Michael Selig being sworn in as CFTC Chair, what flashed through my mind was the shadow of the 2017 bull market. Back then, we were still debating whether Bitcoin is a commodity or not, with the SEC and CFTC each saying different things, and the regulatory framework was virtually nonexistent. Now, ten years later, the landscape is finally about to change.

What’s truly worth pondering is Selig’s background—coming from the SEC crypto task force. What does this indicate? It suggests that the US regulatory approach is consolidating. The era of fragmented regulation is coming to an end, and the Digital Asset Market Structure Bill is about to be introduced. This is not just a slogan; it’s a real framework reshaping.

History has shown us that each time regulatory clarity is achieved, the market experiences pain but then benefits from long-term healthy development. Remember 2013, when China banned ICOs? Everyone thought the sky was falling, but that regulation eliminated a large number of junk projects. Those that survived gained a competitive edge and thrived. The US is following a similar logic—using traditional financial regulators like the CFTC to step in, which actually paves the way for crypto asset compliance.

The key is to watch the actions in the coming months. Introducing the bill is just the beginning; the real test lies in implementation. Selig’s statement about consolidating the US as a global crypto hub is quite interesting—it indicates that policy direction has shifted from suppression to management and competition. For those of us who have experienced multiple cycles, this is a promising signal.