CFTC has launched the second phase of the Crypto Sprint program to promote the implementation of recommendations from the U.S. Presidential Digital Asset Working Group.
CFTC is seeking public input to finalize new regulations for the cryptocurrency market in the United States, aiming for a transparent legal framework and investor protection.
MAIN CONTENT
CFTC announces the second phase of the Crypto Sprint program, expanding public consultation on digital asset regulation.
The SEC-CFTC coordinated initiative aims to build a unified legal framework for DeFi and cryptocurrency.
Experts support a specific guideline approach instead of a controversial market structure law.
How has CFTC implemented the second phase of Crypto Sprint?
The second phase of Crypto Sprint initiated by CFTC aims to realize the digital asset proposals from the U.S. Presidential Working Group while enhancing public consultation.
With this second phase, CFTC focuses on gathering community feedback on implementing recommendations, particularly related to leveraged retail trading on registered exchanges. This move is considered consistent with the overall goals for legal transparency, enhancing user experience, and protecting individual investors.
"Public opinions will help CFTC carefully consider related issues when implementing the President's directive, particularly regarding leveraged or margin retail trading on registered exchanges."
– Caroline Pham, Acting Chair of CFTC, CFTC Press Release, 2025
The public comment period will end on October 20 (Vietnam time), opening opportunities for stakeholders to directly influence the policy direction of the U.S. digital asset market.
What are the key recommendations from the U.S. Presidential Digital Asset Working Group?
The White House's end-of-July report presented two key proposals: urging Congress to approve comprehensive market structure legislation and enhancing cooperation between CFTC and SEC to integrate DeFi into the traditional financial system.
The first recommendation emphasizes accelerating the process of building and passing legislation to establish a regulatory foundation for the entire digital asset market. The second recommendation highlights inter-agency cooperation between the two major regulatory bodies – CFTC and SEC – to jointly shape standards related to DeFi as well as cryptocurrency.
The collaboration between CFTC and SEC is supported by the CLARITY Act, providing a clear legal framework for emerging financial technologies.
What is the roadmap and actual impact of the two phases of Crypto Sprint?
The first phase of Crypto Sprint focused on public consultation around the proposal for a unified license for spot cryptocurrency trading and futures contracts, with the contribution deadline ending on August 18 (Vietnam time).
The second phase further explores issues such as digital asset classification standards, investor rights, and market stability. All contributions are expected to be compiled to build a set of operational guidelines under a unified license for spot and derivatives trading for cryptocurrency in the near future.
This initiative also reflects the global trend of evolving digital asset governance, with the United States playing a pioneering role in transparent policy.
What does the collaboration between CFTC and SEC mean for the cryptocurrency market?
The collaboration between CFTC and SEC through the Project Crypto initiative aims to build a comprehensive regulatory framework for digital assets, facilitating the integration of DeFi into mainstream finance and safeguarding investor rights.
This collaborative project clearly demonstrates the shared responsibility of the two agencies in overseeing the market, while leveraging each party's strengths to establish a consistent legal environment for the cryptocurrency industry.
Investors and digital asset projects are expected to benefit from tighter regulations, transparent legality, and reduced legal risks in business operations.
How do community and expert opinions impact policy direction?
Experts, investors, and organizations have contributed numerous opinions on leverage restrictions and clarifying the boundary between commodities and securities to protect retail investors and create clarity in management.
Notably, the consulting firm 221A Consulting proposed applying leverage limits to digital asset trading and clearly distinguishing the concept of commodities from securities in this field. These opinions have prompted CFTC to draft new directives, alongside the U.S. Senate drafting broader market structure legislation.
Legal experts contend that issuing timely and specific guidelines often proves more effective than tying everything to a contentious market law framework.
"Issuing targeted guidelines will be more practical and feasible than relying on a controversial market structure law framework."
– Jake Chervinsky, Legal Expert, Statement on X, 2025
This is a clear testament to the crucial role of community and expert opinions in shaping modern digital asset policies.
What does Moonpay think about CFTC's move?
Moonpay's chairman, Keith Grossman, appreciates the CFTC's new move, viewing it as a reasonable step towards creating a transparent legal framework aimed at building a sustainable cryptocurrency business environment in the United States.
From the perspective of a fintech company, a decentralized approach through practical guidelines, listening to the views of stakeholders is a model for developing a safe market that meets the expectations of both investors and businesses.
This move is expected to enhance market confidence, encouraging the United States to strengthen its global leadership position in digital financial innovation.
Comparison table: Key proposals and feedback during the Crypto Sprint phase.
Proposals/Feedback Main Content Expected Impact Presidential Digital Asset Working Group Strengthening market structure legislation and interagency collaboration on cryptocurrency Building a unified legal framework to support innovation 221A Consulting Limiting trading leverage and clarifying the boundary between commodities/securities Increasing protection for retail investors, transparent management Legal Expert Community Prioritizing more specific guidelines over a market framework law Timely responding to market developments, reducing legal disputes
Frequently Asked Questions
What is CFTC and what is its role in the cryptocurrency market?
CFTC is the Commodity Futures Trading Commission of the United States, responsible for regulating the derivatives market, futures contracts, and has recently expanded into cryptocurrency, ensuring transparency and investor protection.
What is Crypto Sprint and what are the main objectives of this initiative?
Crypto Sprint is a series of programs initiated by CFTC to build a regulatory framework for the digital asset market, gathering community input and ensuring regulations are practical.
What benefits will a unified legal framework for spot and derivatives trading in cryptocurrency bring?
It helps ensure legal transparency, minimize risks for investors, and facilitate technological innovation in digital finance in the United States.
How do leverage limits affect retail investors?
Leverage limits aim to mitigate the risk of significant losses for individual investors when participating in the highly volatile cryptocurrency market.
Why do many experts recommend issuing specific guidelines instead of relying too heavily on a market framework law?
The timely specific guidance contributes to quickly addressing emerging issues, aligning with technological developments, and helping to avoid prolonged legal disputes.
Source: https://tintucbitcoin.com/cftc-trien-khai-crypto-sprint-ung-ho-trump/
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