The U.S. Commodity Futures Trading Commission (CFTC) has announced the launch of its second 'crypto sprint', aimed at engaging with cryptocurrency market participants to enhance regulation.
Launch of Second 'Crypto Sprint'
CFTC, led by Acting Chair Caroline D. Pham, has announced the second 'crypto sprint' to gather public feedback on regulating spot cryptocurrency trading. Pham stated that public input would assist the CFTC in considering issues regarding leveraged trading on registered exchanges.
Recommendations from the President's Working Group
The working group delivered 18 recommendations, with two targeting CFTC directly. The first addresses clear guidelines for cryptocurrencies as commodities, while the second suggests rule changes for blockchain-based derivatives.
Response to Delay in Confirmation of CFTC Chairman
In the meantime, President Trump has nominated Brian Quintenz as CFTC chairman, but the confirmation vote has been postponed. Some crypto advocacy groups, including the Crypto Council for Innovation and the Blockchain Association, are urging immediate confirmation, emphasizing the need for effective leadership in executing the administration's crypto agenda.
The launch of the second CFTC 'crypto sprint' reflects the regulator's commitment to improving the trading conditions for cryptocurrencies in the U.S. Public engagement in the discussion is seen as a crucial step toward creating a more transparent and secure environment for investors.
