Deep Tide TechFlow News, October 5 — 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 had formally proposed its first set of rules for regulating crypto markets, aimed at promoting innovation and protecting investors. Previously, after Congress failed to pass legislation clarifying the federal legal status of crypto assets, the CFTC and SEC turned to their existing statutory authority to lead the development of market structure rules. During the previous administration, the two regulatory agencies primarily relied on enforcement actions targeting crypto exchanges, custodians, and software developers, prompting many crypto businesses to move overseas. The new rules mark a major shift in U.S. federal crypto regulation from “regulation by enforcement” to proactive rulemaking.