#CFTCCryptoSprint Hello Family 👷♂️👷♀️ #CFTCCryptoSprint
The Commodity Futures Trading Commission (CFTC) is launching an initiative for spot trading of cryptocurrencies on futures exchanges registered with the CFTC, Interim Chair Caroline D. Pham announced on Monday.
This initiative marks the first step in the CFTC's "crypto sprint" to implement the recommendations of the Presidential Working Group on Digital Asset Markets. Pham announced this crypto sprint last week.
"Under the strong leadership and vision of President Trump, the CFTC is moving at full speed to enable immediate trading of digital assets at the federal level in coordination with the SEC's Project Crypto," Pham stated.
She noted that there is already a clear solution within the current authority of the CFTC. The Commodity Exchange Act already requires that retail trading of commodities with leverage, margin, or financing be conducted on a designated contract market (DCM).
The CFTC is now inviting stakeholders to provide feedback on the inclusion of spot contracts for cryptocurrencies in DCMs. The agency is specifically seeking input on section 2(c)(2)(D) of the Commodity Exchange Act, on Part 40 of the CFTC regulations, and on potential implications under securities laws regarding an SEC framework for trading non-security assets that are part of an investment contract.
Pham, who has proposed this approach since 2022, stated: "Together, we will make America the global cryptocurrency capital."
The public can submit written comments through the CFTC website until August 18. All proposals will be published on CFTC.gov.
