U.S. Commodity Futures Trading Commission (CFTC) Chair Michael Selig warned that future regulators could reverse the current progress in cryptocurrency regulation, cautioning against a potential "next Gary Gensler" who might overturn the recently established regulatory framework. He emphasized that new classification standards for digital assets developed by the U.S. Securities and Exchange Commission (SEC) and CFTC mark a significant shift in the regulatory landscape compared to the past era dominated by enforcement-led approaches. However, the proposed restrictions on stablecoin incentives have raised market concerns, causing stock prices of Coinbase and Circle to plummet significantly.