According to CoinMeta, Michael Selig, the chairman of the U.S. Commodity Futures Trading Commission (CFTC), wrote in The Economist that the global derivatives market has entered a new stage of development, and financial innovation needs to be led. The United States will not adopt regulatory models that limit market development. The nominal value of the global derivatives market exceeds $1200 trillion, with nearly half of this market being regulated by the CFTC. He pointed out that the U.S. will seek a balance between innovation and market efficiency and will continue to play a leading role in the formulation of derivatives market rules and financial innovation during his tenure.