The CFTC announces the launch of the "Crypto Sprint" initiative to implement the cryptocurrency-related recommendations released by the Trump administration on Wednesday.
CFTC Acting Chair Caroline Pham stated on Friday that the commission will work closely with Securities and Exchange Commission Chair Paul Atkins and Commissioner Hester Peirce to advance the "Project Crypto" initiative announced on Thursday.
"The CFTC is fully committed to realizing President Trump's vision of making the U.S. the global crypto capital," Pham said.
These plans aim to implement the agency-specific recommendations proposed by the President's Digital Asset Market Working Group in its report, which stemmed from the cryptocurrency-related executive order issued by Trump in January.
The Presidential Working Group made 18 recommendations to the Commodity Futures Trading Commission, two of which directly involve the agency.
The first direct request to the CFTC is to advance a series of plans, including guidance on how to treat cryptocurrencies as commodities, how to align with decentralized finance registration requirements, and guidance for CFTC-regulated entities on how they can handle cryptocurrencies.
Another independent task for the agency is to consider how to modify rules to accommodate blockchain-based derivatives.
The other 16 recommendations regarding the CFTC relate to other financial institutions such as the SEC and the Treasury Department.
Some of the recommendations for the CFTC and SEC to work together include coordinating the rule-making process and using "existing authority to provide comprehensive regulatory clarity."
The two agencies were also advised to create a regulatory sandbox and explore how to allow registrants to "offer multiple services in a single user interface" in the long term.
Several recommendations call for Congress to clarify how the CFTC and SEC will allocate the regulation of cryptocurrencies, with the report stating that the CFTC should be granted "clear authority to regulate the spot market for non-security digital assets."
In a statement on Friday, Pham said that the CFTC has begun efforts to "deliver on the government's promise and usher in the golden age of crypto."
The agency met earlier this year with executives from the crypto industry to discuss industry issues and withdrew its so-called "outdated employee guidance" related to cryptocurrencies.
It also recently completed consultations on allowing 24/7 derivatives trading and perpetual contracts, a move supported by some crypto companies.
Trump has nominated Brian Quintenz, the global policy head of Andreessen Horowitz's crypto venture capital division, to serve as CFTC Chair.
He is awaiting a nomination hearing, which was originally scheduled for Wednesday but was canceled by the Senate Agriculture Committee at the request of the White House.
Related: UK regulators lift ban on retail investor cryptocurrency ETNs
Original article: “CFTC and SEC Launch 'Crypto Sprint' in Response to White House Plans”
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