The United States Commodities Futures Trading Commission (CFTC) has announced a new initiative that will improve crypto regulations in the country. According to reports, the CTFC will, through its new Crypto Sprint Initiative, enter a collaboration with the United States Securities and Exchange Commission (SEC) to advance crypto regulations.
The collaboration between the SEC and CFTC is expected to help the United States’ goal of dominating and leading the global market. In addition, the initiative will also improve regulatory clarity and foster blockchain innovation. This means that the crypto market landscape in the United States is expected to be affected, reaching major digital assets like Bitcoin and Ethereum.
Acting CFTC Chair discusses Crypto Sprint Initiative
Reacting to the initiative, Caroline Pham, acting chairman of the CFTC, mentioned that the Crypto Sprint will begin by implementing the recommendations in the report submitted by the President’s Working Group on Digital Assets Markets. The report, which was recently released by the group, was designed to fulfill the promises made by United States President Donald Trump, especially about making America “the crypto capital of the world.”
In the report, the Working Group, which consists of top officials across federal agencies, outlined new legislative and regulatory proposals targeting every aspect of the crypto industry, ranging from banking and taxation to decentralized finance and stablecoins. The report also defines how Congress, CFTC, IRS, SEC, and other banking regulators are expected to fill legal gaps and keep the United States ahead in the “Golden Age of Crypto.”
The Working Group called on Congress to pass legislation that would give the CFTC clear authority to regulate the spot market for digital assets that are not recognized as securities. It also noted that there is a need to embrace DeFi, urging the government to “recognize the potential of integrating such technology into mainstream finance.”
In addition, the SEC and CFTC were also urged to iron out the process of approving trading at the federal level.
“The CFTC is wasting no time in fulfilling President Trump’s vision to make America the crypto capital of the world,” said Acting Chairman Pham. “We will work closely with SEC Chairman Paul Atkins and Commissioner Hester Peirce to achieve Project Crypto. Providing regulatory clarity now and fostering innovation in digital asset markets will deliver on the Administration’s promise to usher in a Golden Age of Crypto.”
SEC Chairman wants to improve American innovation
Paul Atkins, the Securities and Exchange Commission (SEC) chairman, also reacted to the Working Group’s report, noting that a rational regulatory framework for digital assets is the best way to improve American innovation, protect investors from fraud, and keep the capital markets in America above others globally. He took a jab at the previous administration and his predecessor, noting that he is grateful that President Trump has been on it since the beginning.
“I look forward to pursuing these priorities alongside Commissioner Hester Peirce, members of my staff, and the SEC’s Crypto Task Force. I also appreciate the report’s call for enhanced collaboration between the SEC and the CFTC, as well as with other relevant federal agencies, to ensure that our approach is unified, clear, and consistent,” he added.
Since January, the CFTC has held its first-ever Crypto CEO Forum and withdrawn outdated staff advisories. It has also released new guidelines to improve clarity for innovators and entrepreneurs in the United States and the crypto industry. The agency has also held several discussions on a digital asset markets pilot program, participating as an observer in industry tokenization initiatives.
The agency also completed a public comment period on 24/7 trading and perpetual derivatives. It added that perpetual derivatives have been live on designated contract markets registered with the CFTC since April, and 24/7 has been live since May.
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