The "Crypto Sprint" initiative launched by the U.S. Commodity Futures Trading Commission (CFTC) in collaboration with the Securities and Exchange Commission (SEC). This initiative aims to implement the recommendations of the White House's cryptocurrency task force and establish a clear regulatory framework for the digital industry.
🔶️🔸️Initiative Goals🔸️🔶️
1️⃣- Clarifying the definition of cryptocurrencies as commodities: Providing an accurate interpretation of cryptocurrencies and classifying them as commodities.
2️⃣- Improving oversight of spot cryptocurrency markets: Enhancing oversight and supervision of spot cryptocurrency markets.
3️⃣- Adapting rules to blockchain-based derivatives: Modifying existing rules to include financial derivatives based on blockchain technology.
4️⃣- Collaborating with the Securities and Exchange Commission (SEC): Joint work with the SEC to create a consistent regulatory framework.
🔶️🔸️Initiative Results🔸️🔶️
1️⃣- Providing organizational clarity: Offering clear guidelines on how to deal with cryptocurrencies.
2️⃣- Promoting innovation: Encouraging innovation in digital asset markets.
3️⃣- Creating a favorable regulatory environment: Working to create a favorable regulatory environment for the digital industry.