$AAPL CFTC Chairman is about to make a big move tomorrow.

Michael Selig announced at the White House crypto meeting that he will share “more details on the future regulatory path” at tomorrow’s Innovation Advisory Committee meeting. It sounds routine, but look at the timing—the same day, the CFTC took tough action against two key FTX and Alameda figures, Caroline Ellison and Gary Wang. Supplemental consent orders impose five-year trading bans and eight- to ten-year registration bans, while also requiring them to continue cooperating with investigations.
On one hand, it is settling old scores; on the other, it is drawing up new rules.
This is not a coincidence—it is all about timing.
How long ago did the whole FTX mess happen?
SBF is already in prison, yet the CFTC is still demanding that Ellison and Wang “continue cooperating with investigations.” What does that tell us? It means FTX’s dirty dealings have not been fully uncovered, and there may be even bigger fish behind them. Five-year trading bans and ten-year registration bans basically amount to permanently kicking these two out of the crypto industry.
People used to think that paying fines and pleading guilty would bring the matter to an end. Now it appears U.S. regulators intend to nail everyone connected to FTX to the wall one by one.
But what deserves even more attention is tomorrow’s “details on the regulatory path.”
The CFTC has been moving rapidly lately, and on the same day it also issued a request for comments on hashrate derivatives contracts. Hashrate spot markets, manipulation risks, perpetual hashrate futures—these were terms that crypto people had never even heard before, and now the CFTC is preparing to officially list them for trading. What does that mean? Mining hashrate is about to become a tradable financial product, just like crude oil and gold.
The subtext is very clear:
The crypto industry used to be outside the law; now the CFTC wants to bring everything into the regulatory framework. If mining hashrate can be traded, mining machines, electricity, and even the entire PoW ecosystem will become financialized. The upside is that institutional capital can enter; the downside is that retail investors will have less and less room for arbitrage.
Anthropic is also making a major move, with a revolving credit facility of more than $10 billion, clearly paving the way for an IPO. Claude’s parent company is going public too, and the boundary between AI and crypto is becoming increasingly blurred. In the future, you will not be buying coins but hashrate; you will not be investing in projects but AI infrastructure.#
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