#加密监管政策 The new Chairman of the CFTC has been replaced, and this signal is worth paying attention to. Selig moving from the SEC Crypto Task Force to the CFTC suggests that regulatory approaches may undergo subtle changes — shifting from the previous "strict enforcement" model gradually towards "rule-based regulation."

The key points are twofold: first, the coordination between the SEC and CFTC will accelerate, leading to clearer regulatory boundaries between derivatives and spot markets; second, Congress is pushing forward with the Digital Asset Market Structure Act, indicating that the regulatory framework is shifting from passive enforcement to proactive legislation.

The impact on on-chain liquidity needs to be observed — clearer rules typically reduce policy uncertainty premiums, but in the short term, it depends on specific actions from Washington. It is recommended to closely monitor the progress of the year-end bill and subsequent policy statements from the CFTC, as these are critical signals influencing large-scale capital decisions.