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, this time emphasizing stakeholder engagement.
The Commodity Futures Trading Commission (CFTC) is soliciting public input from participants in the crypto market about how it can enhance its regulation of spot crypto trading, as stated by acting chair Caroline D. Pham on Thursday.
“The public feedback will help the CFTC thoughtfully address key issues regarding leveraged, margined or financed retail trading on a CFTC-registered exchange,” Pham mentioned.
These efforts are part of the agency’s initiatives to fulfill President Donald Trump’s promise to “win on crypto.”
“The Trump Administration has heralded a new era for crypto, and market participants must seize this chance to be part of the Golden Age of innovation.”
The CFTC has invited feedback and recommendations from crypto market participants by October 20.
Earlier this month, the commodities regulator kicked off its first crypto sprint initiative to explore permitting the trading of spot crypto asset contracts on CFTC-registered futures exchanges. This initiative followed the release of a 166-page report by the Trump White House outlining policy proposals for regulating crypto in the US.
Crypto group made 18 recommendations to CFTC
The President’s Working Group issued 18 recommendations to the CFTC, two of which were directly related to the agency.
The first requested that the CFTC provide clear guidance on the classification of cryptocurrencies as commodities, compliance for decentralized finance firms with registration requirements, and the crypto activities in which CFTC-regulated entities can participate.
The other task designated for the agency was to consider how to adjust rules to accommodate blockchain-based derivatives.
Of the 16 additional recommendations concerning the CFTC, many involved collaboration with other agencies, including the Treasury and the Securities and Exchange Commission.
The CFTC’s initial “crypto sprint” statement indicated it would collaborate closely with the SEC to establish a rulemaking process, utilizing “their existing authorities to deliver comprehensive regulatory clarity.”
Quintenz’s nomination is still up in the air
Meanwhile, Trump’s nominee for CFTC chair — Brian Quintenz — remains in a state of uncertainty after the White House intervened to delay a Senate vote on his nomination in late July.
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However, on Wednesday, several crypto advocacy groups urged for the “prompt confirmation” of Quintenz’s appointment, asserting that having a permanent chair is “absolutely critical” for the commodities regulator to achieve its crypto objectives.
The CFTC currently operates with just two commissioners: Pham and Kristin N. Johnson, who is anticipated to leave later this year.
Former CFTC Chair Rostin Behnam resigned on January 20, coinciding with the Trump administration’s arrival, while Summer Mersinger and Christy Goldsmith Romero both stepped down at the end of May.
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