US CFTC Chair: The Era of 'Regulation by Enforcement' in Crypto Is Over On March 9, CFTC Chair Mike Selig stated in an interview with the Bankless channel that with the passage of the GENIUS Act, the US has ended the era of 'regulation by enforcement' in the crypto industry. He advocates for creating a 'permissionless innovation environment' and reducing pre-approval requirements for innovators through an innovation exemption mechanism. At the same time, he believes there’s no reason why traditional exchanges shouldn’t be built on blockchain and should adopt blockchain just like they use databases. Selig emphasized the need to abandon 'paternalistic regulation' and establish clear rules in advance to ensure crypto innovation remains in the US long-term. He also expressed hope that the US can become the global crypto capital. Source: Bankless