January 21, Michael Selig, Chairman of the U.S. Commodity Futures Trading Commission (CFTC), announced the appointment of senior crypto lawyer Michael Passalacqua to join the CFTC as a Senior Advisor, bringing his extensive experience in cryptocurrency and blockchain litigation. Michael Passalacqua previously participated in drafting a letter that led to the U.S. Securities and Exchange Commission (SEC) issuing a no-action letter, allowing state-chartered trust companies to serve as cryptocurrency custodians.As the CFTC's role in cryptocurrency regulation becomes increasingly important, the appointment of a new advisor with experience in the crypto field represents the CFTC's efforts to make its regulatory approach "future-facing."