The Commodity Futures Trading Commission (CFTC) has announced the launch of a new program aimed at expediting cryptocurrency regulations in the United States.
CFTC Announcement on New Rules
Acting Chair Caroline D. Pham announced the program as part of a broader initiative called 'Project Crypto'. This program is designed to work jointly with the Securities and Exchange Commission (SEC) to achieve President Donald Trump's goal of positioning the US as the world's leading hub for cryptocurrency innovation.
Goals and Objectives of the Program
The program will focus on removing regulatory uncertainty, defining agency responsibilities, and establishing a unified oversight framework for digital assets. The CFTC is also exploring a pilot program to test regulatory models that can balance industry growth with robust supervision.
Role of Lawmakers in Crypto Regulation
Lawmakers are expected to play an important role as well. The Senate Agriculture Committee, which oversees the CFTC, is expected to release a discussion draft in September detailing the agency's authority over crypto markets. This move will complement the Senate Banking Committee's ongoing work regarding SEC's jurisdiction.
The 'Project Crypto' initiative from the CFTC and SEC aims to create unified regulations and simplify processes for market participants, potentially fostering the growth of cryptocurrency innovation in the US.
