The US Commodities Regulator, Commodity Futures Trading Commission (CFTC), has initiated a second “Crypto Sprint” to implement recommendations from the President’s working group for digital assets. This time, the focus is on stakeholder commitment, aiming to gather public contributions from crypto market participants on how to better regulate Spot Crypto Trading.
According to Caroline D. Pham, the CFTC is seeking public feedback to carefully examine relevant questions for prayed, marginally, or financed retail trade on a CFTC-registered stock exchange. This initiative is part of the agency’s efforts to support President Donald Trump’s promise to “win against crypto”. The CFTC invited crypto market participants to submit feedback and suggestions by October 20.
The Trump government has launched a new era for crypto, and it is up to market participants to take this opportunity to be part of the golden age of innovation. The CFTC’s first crypto sprint initiative, started at the beginning of this month, aimed to enable the trade in spot crypto assets on CFTC-registered futures exchanges. This came about a week after the Trump White House published a 166-page report outlining political recommendations for crypto regulation in the United States.
Crypto Group Recommendations
The President’s working group provided 18 recommendations to the CFTC, two of which directly affected the agency. The first recommendation asked the CFTC to provide clear guidelines on how cryptocurrencies could be regarded as goods, how decentralized financial companies can meet registration requirements, and which crypto activities CFTC-regulated companies can apply. The second independent task for the agency was to consider how rules for blockchain-based derivatives can be changed.
Another 16 recommendations for the CFTC were connected to other agencies, including the Ministry of Finance and the Securities and Exchange Commission. The CFTC’s first “Crypto Sprint” declaration stated that it would work closely with the SEC to create a rule for regulation and to use “their existing authorities for clear clarity of the available authorities”.
Leadership and Confirmations
In the meantime, Trump’s nomination for the CFTC chairman, Brian Quintenz, remains in suspension after the White House intervened to postpone a Senate vote at the end of July. Several crypto interest groups have called for the “quick confirmation” of Quintenz, arguing that a constant chair for the commodity regulatory authority is “absolutely critical” to achieve its crypto goals.
The CFTC is currently working with only two commissioners: Pham and Kristin N. Johnson, who is expected to leave later this year. Former CFTC chairwoman Rostin Behnam resigned on January 20 when the Trump government took over, while Summer Mersinger and Christy Goldsmith Romero returned at the end of May.
For more information on the CFTC’s crypto initiatives and the latest developments in crypto regulation, visit https://cointelegraph.com/news/cftc-launches-second-crypto-sprint-initiative-under-white-house-suggestions?utm_source=rss_feed&utm_medium=rss_tag_blockchain&utm_campaign=rss_partner_inbound
