The US commodities regulator has initiated its second “crypto sprint” aimed at implementing the recommendations from the President’s Working Group on Digital Asset Markets, with a renewed emphasis on engaging stakeholders.
The Commodity Futures Trading Commission (CFTC) is inviting public feedback from crypto market participants regarding improvements in the regulation of spot crypto trading, as stated by acting chair Caroline D. Pham on Thursday.
“The public feedback will aid the CFTC in thoughtfully addressing issues related to leveraged, margined, or financed retail trading on a CFTC-registered exchange,” Pham indicated.
Source: Caroline D. Pham.
These efforts align with the agency’s objective to fulfill President Donald Trump’s commitment to “win on crypto.”
“The Trump Administration has heralded a new era for crypto, and it is essential for market participants to capitalize on this opportunity to participate in the Golden Age of innovation.”
The CFTC is encouraging crypto market participants to provide their feedback and recommendations by October 20.
Earlier this month, the commodities regulator introduced its first crypto sprint initiative to investigate the feasibility of trading spot crypto asset contracts on CFTC-registered futures exchanges, following a week after the Trump White House issued a 166-page report detailing policy suggestions for US crypto regulation.
Crypto group made 18 recommendations to CFTC
The President’s Working Group submitted 18 recommendations to the CFTC, two of which directly pertain to the agency.
The first recommendation urged the CFTC to clarify how cryptocurrencies could be regarded as commodities, outline compliance for decentralized finance firms with registration requirements, and specify which crypto activities are permissible for CFTC-regulated entities.
The other task for the agency involved considering amendments to rules to better accommodate blockchain-based derivatives.
An additional 16 recommendations relevant to the CFTC were associated with other agencies, including the Treasury and the Securities and Exchange Commission.
The CFTC’s inaugural “crypto sprint” announcement highlighted its intent to collaborate closely with the SEC to establish a rulemaking framework and leverage their existing authorities to ensure comprehensive regulatory clarity.
Source: Caroline D. Phamt
Quintenz’s nomination is still up in the air
Currently, Trump’s nominee for CFTC chair — Brian Quintenz — remains in limbo after White House intervened to delay a Senate vote on his nomination in late July.
Related: US Commerce official buys Bitcoin as Trump tariffs shake markets
However, on Wednesday, various crypto advocacy groups urged for the “prompt confirmation” of Quintenz’s appointment, emphasizing that a permanent chair is “absolutely critical” for the commodities regulator to meet its crypto objectives.
The CFTC is presently operating with just two commissioners: Pham and Kristin N. Johnson, who is anticipated to resign later this year.
Former CFTC Chair Rostin Behnam stepped down on January 20, coinciding with the Trump administration’s arrival, while Summer Mersinger and Christy Goldsmith Romero both resigned in late May.
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