The CFTC chair is about to make a major move tomorrow.

At the White House crypto meeting, Michael Selig announced that he would share “more details on the future regulatory path” at tomorrow’s Innovation Advisory Committee meeting. That may sound routine, but look at the timing—the same day, the CFTC came down hard on two key figures from FTX and Alameda, Caroline Ellison and Gary Wang. Under supplemental consent orders, they face five-year trading bans, eight- to ten-year registration bans, and continued cooperation 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 a coordinated rhythm.

How long has it been since the FTX fiasco?

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 tells us that FTX’s bad debts have not been fully uncovered, and there may be even bigger fish behind them. A five-year trading ban and a ten-year registration ban basically kick these two out of the crypto industry permanently.

People used to think that paying fines and pleading guilty meant it was over. Now it looks like 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 aggressively lately. On the same day, it also issued a request for comment on computing-power derivative contracts. Hashpower spot markets, manipulation risks, perpetual hashpower futures—these are terms most people in crypto had never even heard before, and now the CFTC is preparing to officially list them for trading. What does that mean? The computing power used for mining is about to become a tradable financial product, just like crude oil and gold.

The subtext is crystal clear:

Crypto used to be a regulatory free-for-all. Now the CFTC intends to bring everything under a regulatory framework. If mining hashpower can be traded, then 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 exceeding 10 billion dollars, clearly paving the way for an IPO. Claude’s parent company is preparing to go public, and the boundary between AI and crypto is becoming increasingly blurred. In the future, you will not be buying coins, but computing power; you will not be investing in projects, but AI infrastructure.