In an official press release issued today, acting CFTC Chair Caroline D. Pham announced the launch of a 'crypto race' to realize President Donald Trump's vision of crypto capital. Pham stated:
"The CFTC is not wasting time in making President Trump’s vision of turning the United States into the global capital of cryptocurrencies a reality. We will work closely with SEC Chairman Paul Atkins and Commissioner Hester Peirce to bring the Crypto Project to fruition. Providing regulatory clarity now and fostering innovation in digital asset markets will fulfill the Administration's promise to usher in a golden era of cryptocurrencies."
The CFTC's initiative is part of a broader regulatory effort known as the 'Crypto Project', which involves close collaboration with the Securities and Exchange Commission (SEC). As reported by CoinGape, the SEC introduced the Crypto Project to advance cryptocurrency regulation and promote the tokenization of real-world assets (RWA).
Interestingly, acting Chair Pham has emphasized the CFTC's commitment to rapid regulatory progress, focusing on defining roles, eliminating ambiguity, and developing a unified oversight framework for digital assets.
It is noteworthy that the commission has taken several steps since January to improve regulatory clarity and support innovation. These include holding its first Cryptocurrency CEOs Forum, withdrawing outdated guidelines, and issuing new directives to provide clearer standards for innovators and entrepreneurs in the crypto sector. The commission is also considering a pilot program to test innovative approaches, balancing regulatory oversight with the growth of the sector.
Recently, there were reports about the possible release of a draft for debate in September by the Senate Agriculture Committee, the body that oversees the CFTC. The document aims to outline the commission's regulatory role in the cryptocurrency industry. This measure is expected to clarify the CFTC's authority over digital commodities, complementing the recent publication of the Senate Banking Committee focused on the SEC's role in cryptocurrency regulation. The CFTC's guidance is likely to address its regulatory scope, including oversight of the spot markets for digital commodities and derivatives.
Additionally, the CFTC has completed the public comment period on 24/7 trading and perpetual derivatives. Perpetual derivatives have been available on CFTC-registered exchanges since April, and 24/7 trading has been operational since May.
