The US Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) are joining forces to establish clear cryptocurrency regulatory standards, following guidelines from the White House. This "Crypto Sprint," as reported by CoinTelegraph, aims to bring much-needed clarity to the digital asset space. The Presidential Working Group (PWG) has reportedly tasked the CFTC with two key objectives. First, develop comprehensive regulations, including criteria for classifying cryptocurrencies as commodities, registration requirements for decentralized finance (DeFi), and guidelines for cryptocurrency usage by supervised entities. This classification is crucial for determining which agency has jurisdiction over different crypto assets. Second, the CFTC will review regulations pertaining to blockchain-based derivatives, a growing area within the crypto market. Furthermore, the CFTC and SEC are planning to promote a joint regulatory sandbox to foster innovation, enable multiple services through single user interfaces, and establish clear rules leveraging existing authority. This collaborative approach signals a proactive stance on regulating cryptocurrencies in the US. ```

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