CFTC starts the 'cryptocurrency race' with SEC according to the White House's plan

The U.S. Commodity Futures Trading Commission (CFTC) has officially launched a "rapid campaign on cryptocurrency" to implement the recommendations made in the newly published report by the Trump administration regarding the digital asset sector.

CFTC Chair Caroline Pham stated that the agency will work closely with SEC Chairman ( Paul Atkins and Commissioner Hester Peirce as part of the "Project Crypto" initiative announced on Thursday.

"The CFTC will not delay in realizing President Trump's vision: to make the United States the world's leading cryptocurrency hub," Ms. Pham affirmed.

This initiative aims to implement specific recommendations for the CFTC from the President's Task Force on Digital Asset Markets – the result of a comprehensive executive order on cryptocurrency issued in January.

18 recommendations, two key tasks

Among the total of 18 recommendations, two main tasks are assigned specifically to the CFTC. Firstly, the agency needs to develop legal guidelines defining cryptocurrency as a commodity, establish registration requirements for decentralized financial platforms )DeFi(, as well as guidelines for organizations under the jurisdiction of the CFTC on how to approach digital assets.

The second task requires the CFTC to consider adjusting the existing regulations to be compatible with derivative products on the blockchain platform.

16 remaining recommendations relate to inter-agency coordination, particularly with the SEC and the Department of Treasury, to ensure consistency within the regulatory framework.

Enhancing CFTC–SEC Coordination and Moving Towards a Clear Legal Framework

Some notable recommendations require the CFTC and SEC to collaborate in developing a process for issuing common regulations, establishing a "regulatory sandbox" to test new products, while also studying the allowance for licensed organizations to provide multiple cryptocurrency services on the same platform.

The report also suggests that the National Assembly clearly define the roles and authorities between the CFTC and SEC in managing digital assets, in which the CFTC is granted the authority to oversee the spot market for digital assets that are not classified as securities.

CFTC: Has begun to realize the "Golden Age of Cryptocurrency"

Mrs. Pham confirmed that the CFTC had made preparations in advance, including working directly with leaders in the cryptocurrency sector, withdrawing outdated old directives, and concluding the consultation phase regarding 24/7 derivatives trading as well as perpetual contracts – proposals that received strong support from the cryptocurrency community.

Notably, President Trump nominated Mr. Brian Quintenz – Global Policy Director of the Andreessen Horowitz investment fund – for the leadership position at the CFTC. However, the Senate hearing has been postponed at the request of the White House.

Mr. Teacher