CFTC promises to clarify cryptographic regulations with its Cipher Sprint Initiative

The US Commodity Futures Trade Commission (CFTC) has announced a new initiative to improve domestic crypto regulations. Reports say CTFC will participate in a collaboration with the U.S. Securities and Exchange Commission (SEC) to advance Crypto regulations through the new Crypto Sprint initiative.

The collaboration between the SEC and CFTC is expected to support the US goal of dominating and leading the global market. Additionally, the initiative will also improve regulatory clarity and promote blockchain innovation. This means that the US crypto market landscape is expected to be affected, reaching major digital assets such as Bitcoin and Ethereum.

Acting CFTC Chair Discusses the Crypto Sprint Initiative

In response to the initiative, CFTC’s acting chairman Caroline Fam said Cryptos sprints will begin by implementing recommendations in reports submitted by the President’s Working Group on the Digital Asset Market. The report, released recently by the group, was designed to fulfill the promises made by US President Donald Trump, particularly to make the United States the “crypto capital of the world.”

In the report, a working group consisting of top federal agencies outlined new legislative and regulatory proposals covering all aspects of the crypto industry, ranging from banking and taxation to decentralized finance and stubcoin. The report also defines how Congress, the CFTC, the IRS, SEC and other bank regulators are expected to bridge the legal gap and move the United States ahead in the “golden age of crypto.”

The working group has called on Congress to pass legislation that gives the CFTC clear power to regulate spot markets of digital assets that are not recognized as securities. He also said that the government should “encourage people to recognize the possibility of integrating such technologies into mainstream finance.”

Additionally, the SEC and CFTC were urged to resolve the process of approving transactions at the federal level.

“The CFTC is not wasting time in carrying out President Trump’s vision of making America the crypto capital of the world,” said foreman Fam. “We will work closely with SEC Chairman Paul Atkins and Commissioner Hester Perth to achieve project cryptography. Providing regulatory clarity now and promoting innovation in the digital asset market provides the management promise that the arrival of the golden age of cryptography.”

The SEC Chairman wants to improve America’s innovation

Paul Atkins, chairman of the Securities and Exchange Commission (SEC), also responded to the working group’s report, noting that the rational regulatory framework of digital assets is the best way to improve American innovation, protect investors from fraud, and to maintain the American capital markets globally above others. He took a jab with the previous administration and his predecessors, noting that he was grateful that President Trump had been involved in it from the start.

“I look forward to pursuing these priorities together with my staff member Commissioner Hester Perth and the SEC’s Cryptographic Task Force. I also thank you for ensuring that the approach is unified, clear and consistent, calling for enhanced collaboration between the SEC and the CFTC, as well as strengthened collaboration with other relevant federal agencies,” he added.

Since January, the CFTC has held its first ever Crypto CEO forum and retracted its outdated staff recommendations. It also released new guidelines to improve clarity for innovators and entrepreneurs in the US and crypto industry. The agency also held several discussions on the pilot programme for the digital asset market, which he has participated as an observer of the industry tokenization initiative.

The agency has also completed a public comment period on 24/7 transactions and permanent derivatives. It added that permanent derivatives have been made public in designated contract markets registered with the CFTC since April, with 24/7 being made public 24/7 from May.

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