#CFTCCryptoSprint The United States Commodities Futures Trading Commission (CFTC) has announced a new initiative that will improve crypto regulations in the country. According to reports, the CTFC will, through its new Crypto Sprint Initiative, enter a collaboration with the United States Securities and Exchange Commission (SEC) to advance crypto regulations.
The collaboration between the SEC and CFTC is expected to help the United States’ goal of dominating and leading the global market. In addition, the initiative will also improve regulatory clarity and foster blockchain innovation. This means that the crypto market landscape in the United States is expected to be affected, reaching major digital assets like Bitcoin and Ethereum.
Reacting to the initiative, Caroline Pham, acting chairman of the CFTC, mentioned that the Crypto Sprint will begin by implementing the recommendations in the report submitted by the President’s Working Group on Digital Assets Markets. The report, which was recently released by the group, was designed to fulfill the promises made by United States President Donald Trump, especially about making America “the crypto capital of the world.”
In the report, the Working Group, which consists of top officials across federal agencies, outlined new legislative and regulatory proposals targeting every aspect of the crypto industry, ranging from banking and taxation to decentralized finance and stablecoins. The report also defines how Congress, CFTC, IRS, SEC, and other banking regulators are expected to fill legal gaps and keep the United States ahead in the “Golden Age of Crypto.”
The Working Group called on Congress to pass legislation that would give the CFTC clear authority to regulate the spot market for digital assets that are not recognized as securities. It also noted that there is a need to embrace DeFi, urging the government to “recognize the potential of integrating such technology into mainstream finance.”