Recent actions by the US CFTC seem to carry deeper significance beyond the surface.

This agency is primarily responsible for regulating futures and derivatives in the US, and has always been a key focus in monitoring trading of crypto assets with commodity attributes like BTC and ETH.

Interestingly, this time their approach is completely reversed — no longer solely focusing on market risks, but actively inviting industry participants to help formulate the rules.

The underlying logic is quite pragmatic: the new industry is already operating at high speed, and using old frameworks to suppress it will only push companies and capital elsewhere in the end. Instead of opposing it, it’s better to work together to set the rules. This shift from confrontation to collaboration has a significant impact on the development direction of the entire crypto derivatives market.