#加密货币监管框架 Michael Selig's appointment as CFTC Chair is a personnel change worth noting. From the perspective of on-chain capital flows, this could alter recent policy expectations.

Here are some key points: First, a shift from "strict enforcement" to "regulation-focused" suggests a relative easing of regulatory pressure, potentially reducing compliance costs for projects; second, the coordination framework between the SEC and CFTC will accelerate, directly impacting the boundary definitions between spot markets and derivatives markets; third, the Trump administration's "Made in America" crypto strategy will be implemented more aggressively.

However, risks should also be acknowledged. The CFTC currently has only Selig as a commissioner. While this "single-commissioner" structure may improve decision-making efficiency, it also weakens checks and balances. Coupled with a 20% reduction in staff, there are doubts about whether resources and manpower can support broader regulatory responsibilities.

The key focus is on the progress and specific content of the Digital Asset Market Structure Act—this will directly determine the direction of spot market normalization and the operational framework adjustments for exchanges. In the short term, institutional funds may preemptively position for expected gains, but close monitoring of policy implementation details is necessary.