Why is the CFTC so important for crypto right now? Many of the crypto products with the highest market demand are (or might be) derivatives regulated by the CFTC. But most crypto products can't comply with the Commodity Exchange Act because the law isn't written for DeFi or onchain finance. Since the penalties for violating the law are harsh (possibly criminal), most crypto derivatives products geofence the United States. The CFTC can fix this. There is no legitimate policy reason why crypto-powered derivatives should be banned in the United States. These products address many of the risks that matter to the CFTC by using better tech than TradFi. And U.S. taxpayers are showing huge demand for access to these products. The CFTC's mission is not to stand in the way: the agency can and should adopt new rules that allow DeFi and onchain derivatives to compete in the free market. Whether the CFTC embraces innovation or not depends on the policy choices made by its leadership. It isn't easy for any CFTC Chair to prioritize consequential rulemaking that changes derivatives market structure. TradFi has a regulatory moat that it wants to keep and a lot of influence in Washington, and the inertia of the status quo is substantial. Hopefully Mike Selig will take the seat soon, and then the hard work can begin.(Jake Chervinsky)