In short
- Acting chairman Caroline Pham said on Thursday that De Sprint is expanding to guardianship, used retail trade and consumer protection, with feedback on October 20.
- The initiative is part of a four -phase process that started on 1 August and runs in addition to the SECs Project Crypto.
- Observers said Decrypt that the US is shifting from enforcement to enablement, and positions itself to set worldwide standards on digital asset markets.
The Commodity Futures Trading Commission continues with the third phase of its “crypto -sprint”, a series of accelerated regulatory efforts designed to implement recommendations from the President’s working group on digital assets markets.
“The administration has made it clear that engaging immediate trade of digital assets at the federal level is a top priority”, acting CFTC chairman Caroline Pham wrote in a statement about Thursday.
The newest sprint of the CFTC is carried out further than the spotcrypto -trade to tackle all remaining recommendations from the working group report About strengthening American leadership in technologies such as crypto and digital assets.
The CFTC seems to “try to lay a regulatory foundation by trying to set up a uniform spot market at federal level for crypto-assets” Decrypt.
“It starts to tackle this state-per-state fragmentation and long-term occupation of this gray zone,” said Rossow, adding that he thinks the movements are being made as part of a “federal legitimacy strategy” to create “fundamental reform”.
Nevertheless, retail investors would “most likely benefit from increased protection” as soon as the “federal handcuffs” would be lifted to restore confidence in a room “for a long time affected by poor supervision,” he added.
What is it all about
The report aims to offer a uniform federal framework for digital asset markets, tackling gaps in the market structure, custody, the Stablecoin regulation and anti-money laundering practices.
It is expected that remaining sprints will tackle unsolved problems related to defi-supervision, bank access, tax clear and coordination between authorities.
Thursday’s announced sprint is the third in a four -part series. The first, on August 1, laid the framework. The second, on August 4, launched the Spot Trading Initiative.
The latter is growing towards broader regulations, while an upcoming fourth sprint is expected to translate the feedback from stakeholders into formal rules and supervisory guidelines.
“The US claims control over digital dollars and setting the standards that others can follow,” said Ray Youssef, CEO of Crypto reports and P2P Trading App Noones, told Decrypt. “Countries that hesitate once can be insisted on adopting similar frameworks or being at the risk of falling behind in the race to modernize financing.”
The CFTC has established a deadline of 20 October for comments on the wider series of recommendations. The federal agency did not respond immediately Decrypts Request for comments.
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