CFTC kicked second “crypto sprint” to deliver the purposes of the White House crypto
The US Commodities Regulator has launched the second “crypto sprint” to implement recommendations from the president’s working group in digital asset markets, this time focusing on the stakeholder’s contact.
Commodity Futures Trading Commission (CFTC) is looking for public input from crypto market participants on how it better regulates spot crypto trading, the acting seat Caroline D. Pham Says on Thursday.
“The public comment will assist the CFTC with the careful consideration of related issues for leveraged, margined or financial retail trade with an exchange registered by the CFTC,” Pham said.
The implementations are part of the agency’s efforts to help bring President Donald Trump’s promise to “win in crypto.”
“The Trump administration began with a new dawn for crypto, and it was up to market participants to take over this opportunity to be a part of the golden age of change.”
The CFTC invited participants to the crypto market to submit feedback and suggestions on October 20th.
Earlier this month, Commodities Regulator launched its its First Crypto Sprint Initiative To explore the enabling trading of spot crypto asset contracts to the exchanges of futures registered with the CFTC. It came about a week after Trump White House Released a 166-page report Provides policy recommendations for regulating crypto in the US.
The Crypto Group has made 18 CFTC recommendations
The President’s working team made 18 CFTC recommendations, two directly concerned the agency.
The first asked the CFTC to provide clear guidance on how cryptocurrencies could be considered goods, how decentralized financial companies could comply with registration requirements, and which crypto activities were the regulations regulated by the CFTC.
Other independent tasks for the agency will consider how to change the rules to accommodate blockchain-based derivatives.
An additional 16 recommendations about the CFTC are tied to other agencies, including Treasury and the Security and Commission on Exchange.
The first statement of CFTC’s “crypto sprint” said this would happen Work closely with the SEC To create a process of deciding and using “their existing authorities to provide full regulation clarity.”
Quintenz’s nomination is still in the air
Meanwhile, Trump’s choice for CFTC chair – Brian Quintenz – remains limbo after the White House Mediated to postpone A vote in the Senate was his nomination in late July.
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However, on Wednesday, many Crypto advocacy groupS calls for the “immediate confirmation” of Quintenz’s appointment, contingent that a permanent seat is “fully critical” for the regulator of goods to fulfill crypto goals.
The CFTC is currently running with only two commissioners: Pham and Kristin N. Johnson, who are expected to leave next year.
Former cftc seat Rostin Behnam Resigned on January 20, when the Trump administration led, while the hot Mersinger and Christy Goldsmith Romero went down in late May.
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