Eli Cohen, the Chief Legal Counsel of Centrifuge (focused on the tokenization of real-world assets), stated that the recent advisory opinion from the U.S. Commodity Futures Trading Commission (CFTC) regarding offshore trading platforms providing services to U.S. residents under the Foreign Board of Trade (FBOT) framework will not encourage offshore crypto exchanges to re-enter the U.S. market.
Cohen mentioned in an interview with Cointelegraph that the settlement, clearing, and other regulatory requirements necessary for serving U.S. customers under the FBOT framework are designed for the traditional financial system and are not applicable to cryptocurrency exchanges, making these requirements difficult or even impossible to meet.
Cohen also pointed out that the CFTC's guidance clearly states that only licensed futures commission merchants (FCMs), futures contract proprietary traders, and other strictly regulated entities are eligible to apply under the FBOT framework. He added:
Cohen further noted that many exchanges choose to establish themselves in Seychelles or other unregulated jurisdictions to circumvent such regulatory frameworks.
Cohen stated that the best way to provide clear regulation for cryptocurrency exchanges is through congressional legislation, incorporating cryptocurrency regulation into the legal system to establish a long-term mechanism that does not change with government transitions.
The CFTC's "Crypto Sprint" initiative aims to promote reforms in the cryptocurrency regulatory framework, helping the U.S. achieve the goal of becoming a "global crypto leader" as proposed by President Trump.
In July of this year, a cryptocurrency report released by the Trump administration proposed several policy recommendations, including granting the U.S. Securities and Exchange Commission (SEC) and the CFTC joint regulatory authority over cryptocurrencies.
The two major regulatory agencies have proposed several collaborative policies to facilitate 24/7 continuous trading in financial markets, covering various asset classes.
This proposed reform will become a significant watershed for traditional financial markets. Currently, traditional financial markets are closed at night and on weekends, and they observe specific holidays.
Related: Bitcoin whales have sold off the largest amount since mid-2022, with 115,000 BTC being dumped.
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