Multicoin Capital co-founder Tushar Jain has proposed regulatory changes to the CFTC (U.S. derivatives regulator), including safe harbors and innovation exemptions for emerging markets such as computing derivatives, support for compliant privacy tools in DeFi (decentralized financial applications), and perpetual futures tied to pre-IPO companies. Jain presented the ideas after the first meeting of the CFTC’s innovation advisory committee, on which he is a member. He said controlled testing could help regulators and market participants develop new products without stifling technological progress, while privacy tools could protect institutional trading strategies when large transactions would otherwise be publicly visible. Jain also argued that perpetual futures could give retail investors exposure to private artificial-intelligence companies such as OpenAI and Anthropic and create a new channel for price discovery. The proposals remain at an early discussion stage and could face scrutiny from the SEC (U.S. securities regulator).