The U.S. Commodity Futures Trade Commission has set up a so-called “crypto sprint” to start taking crypto-related advice, which the Trump administration released on Wednesday.
Agent CFTC Chair Caroline Pham explain On Friday, the agency will work “closely” with SEC Chairman Paul Atkins and Commissioner Hester Peirce The initiative was announced on Thursday.
“The CFTC has not hesitated to fulfill President Trump’s vision of making the United States the crypto capital of the world,” Pam said.
These moves are implementation of agency-specific advice, the Digital Asset Markets Task Force on U.S. President Donald Trump Made in a report – This is from Trump Executive Orders Related to Encryption In January.
Crypto Group makes 18 suggestions to CFTC
The President’s working group made 18 recommendations to the CFTC, two of which directly involved the agency.
The first direct request from the CFTC is to advance a range of programs, including guidance on how cryptocurrencies are viewed as commodities, and its registration requirements will be with decentralized finances and guidance on entities governing CFTC to understand what they can do with Crypto.
Another independent task of the agency is to consider how rules can be modified to allow blockchain-based derivatives.
The other 16 recommendations made on the CFTC are tied to other financial institutions such as the SEC and the Ministry of Finance.
CFTC and SEC tell police cryptocurrency
Some notable recommendations from the CFTC and the SEC were told to work together, including coordination to create a rule-making process and to use “their existing authorities provide rich regulatory clarity.”
Both agencies were also told that a regulatory sandbox should be created, thus in the long run, it should explore how to allow registrants to “provide multiple services in a single user interface”.
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Several proposals are tasked for Congress to clarify how the CFTC and SEC should allocate regulatory cryptocurrencies, saying that the CFTC regulations should “clearly regulate the spot market for non-secure digital assets.”
CFTC says it already works on encryption transparency
In a statement Friday, PHAM said the CFTC has begun working to “fulfill the government’s commitments ushered in the golden age of cryptocurrencies.”
The agency met with crypto executives earlier this year to discuss the industry and Withdrawn It is talking about “outdated employee consultation” related to encryption.
Recently, it also concluded its consultation on allowing 24/7 derivatives trading and permanent contracts, Move backward By some crypto companies.
Trump chose Brian Quintenz, head of global policy at Andreessen Horowitz, to lead the CFTC.
He is awaiting a nomination hearing, which took place Wednesday, but the Senate Agriculture Committee conducted it The White House’s request.
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