US Regulators Unveil Plans to Modernize DeFi Rules

The US Commodity Futures Trading Commission (CFTC) is taking steps to modernize its rules to make room for decentralized finance (DeFi) in the country. CFTC Chairman Michael Selig stated that the agency is working on regulations around on-chain markets to 'accommodate on-chain software systems'.

The CFTC and Securities and Exchange Commission (SEC) are collaborating to provide a clear framework for regulating DeFi protocols, which have faced years of uncertainty in the US. The agencies aim to clarify what falls under their jurisdiction and what does not.

Regulated perpetual futures markets are expected to become available in the US within the next month, according to CFTC Chairman Selig. This development is seen as a positive step for the industry, which has been hindered by regulatory uncertainty in the past.