ChainThink News, March 10: According to CoinDesk, CFTC Chairman Mike Selig updated the agency's ongoing initiative to provide long-awaited regulatory clarity for decentralized finance (DeFi) developers, crypto derivatives, and prediction markets.

This week, at the FIA Global Clearing Markets Conference in Boca Raton, Florida, Selig stated that the United States is regaining its leadership position in the digital assets space through tighter coordination among regulatory bodies. He announced the end of internal disputes between the CFTC and SEC by highlighting their collaborative progress on the "Project Crypto" initiative with SEC Chair Paul Atkins.

In his speech, Selig reaffirmed that the CFTC will issue guidance clarifying how so-called prediction markets—referred to as event contracts in regulatory terminology—can be listed and traded under U.S. law, and will launch a rulemaking process to solicit public input on the regulatory approach for this rapidly expanding sector.

He noted that the CFTC also plans to address one of the most contentious regulatory issues in the crypto industry: "For years, there has been uncertainty regarding whether software providers trigger CFTC registration requirements," Selig said. "We intend to confront this issue head-on." The agency is also working on classifying crypto perpetual derivatives, products that dominate the global crypto market.