The US Commodity Futures Trading Commission has begun a so -called “crypto sprint” to begin the action of crypto -related recommendations released by the Trump administration on Wednesday.
Act CFTC Chair Caroline Pham Says On Friday the agency will “work closely” with the Securities and Exchange Commission Chair Paul Atkins and Commissioner Hester Peirce in its “Project Crypto” The initiative was announced on Thursday.
“The CFTC does not waste time fulfilling President Trump’s vision to make America the world’s crypto capital,” Pham said.
The initiatives are to implement specific recommendations to the agency that the working group of US President Donald Trump is working on Digital Asset Markets made with a report – born from the sweeping of Trump Order associated with crypto In January.
Crypto Group makes 18 CFTC recommendations
The President’s working team made 18 CFTC recommendations, two directly concerned the agency.
The CFTC’s first direct request is to advance it by a host of initiatives, including the guide to how cryptocurrencies can be considered goods, how its registration requirements will work with decentralized finances and guides to CFTC-controlled creatures on what they can do in crypto.
Other independent tasks for the agency will consider how to change the rules to allow blockchain-based derivatives.
An additional 16 recommendations made about the CFTC are tied to other financial agencies, such as SEC and Treasury.
CFTC and SEC said to work together in the police crypto
Some of the prominent recommendations of CFTC and SEC have been told to cooperate with coordinating coordinating to create a decision -making process and using “their existing authorities to provide full regulation clarity.”
The two agencies have also been told that they should create a regulation of sandbox and, longer term, should explore how to allow registers to “offer multiple services within a user interface.”
Related: The White House Crypto report is a mix -halong bag for Bitcoin advocates
Multiple Recommendations of Congress Congress with carving on how the CFTC and SEC should divvy up the crypto regulating, including reports that the CFTC should be given “clear authority to repair place markets with non-security digital assets.”
CFTC said it has worked in the clarity of crypto
In his statement on Friday, Pham said the CFTC began to work to “deliver the administration’s promise to emerge at a golden crypto age.”
The agency met with crypto executives earlier this year to discuss the industry and is withdrawn It says “outdated staff counselors” related to crypto.
It also recently wrapped in consultations on allowing 24/7 derivatives trading and forever contracts, a Move back -back by some crypto companies.
Trump chose Brian Quintenz, the global policy leader of Andreessen Horowitz’s crypto venture firm, to lead the CFTC.
He is waiting for a hearing on the nomination, which took place on Wednesday, but the Senate Agriculture Committee pulled it Request from White House.
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