CFTC Chairman appoints senior crypto lawyer Passalacqua as senior advisor

According to Cointelegraph, the Chairman of the Commodity Futures Trading Commission (CFTC), Michael Selig, announced the appointment of senior crypto lawyer Michael Passalacqua as a senior advisor to the CFTC, who has extensive experience in cryptocurrency and blockchain litigation. Michael Passalacqua previously participated in drafting a letter that prompted the U.S. Securities and Exchange Commission (SEC) to issue a no-action letter, allowing state-chartered trust companies to act as cryptocurrency custodians.

As the CFTC's role in cryptocurrency regulation becomes increasingly important, the appointment of a new advisor with extensive experience in the crypto space represents the CFTC's effort to make its regulatory approach "future-facing."