#CFTCCryptoSprint CFTC launched an initiative for the legalization of spot trading of cryptocurrencies on registered exchanges. In turn, the SEC updated its guidance on the accounting rules for stablecoins. This concerns contracts that track the spot price of cryptocurrencies but are traded on registered derivatives markets (DCM). Acting Chair of the CFTC Caroline Pham called it a straightforward way to establish federal regulation of spot trading of digital assets. The Commission opened a public comment period for the initiative aimed at clarifying the application of Section 2(c)(2)(D) of the Commodity Exchange Act. This provision relates to retail transactions using leverage or margin. The Commission is also gathering opinions regarding Part 40 of its rules governing DCM operations. The CFTC is also interested in the potential implications of securities laws. For example, SEC regulations may apply to the trading of assets that are investment contracts. Proposals are accepted until August 18. The initiative is part of a program to implement the recommendations of the Digital Asset Markets Working Group established under the Trump administration.