The U.S. Commodity Futures Trading Commission (CFTC) has launched the second round of the "crypto sprint" to implement the recommendations of the President's Working Group on Digital Assets, with this round focusing on stakeholder participation.
CFTC Acting Chair Caroline D. Pham stated on Thursday that they are soliciting feedback from crypto market participants to explore how to better regulate cryptocurrency spot trading.
"Public input will help the CFTC prudently assess the issues involved when conducting leveraged, margin, or financing-type retail trading on its registered exchanges," Pham said.
These initiatives are actions taken by the agency to help fulfill President Trump's commitment to "win crypto."
The CFTC invites crypto market participants to submit feedback and suggestions by October 20.
Earlier this month, the commodity futures regulator launched the first round of the crypto sprint to explore the trading of cryptocurrency derivative contracts on CFTC-registered futures exchanges. This initiative was introduced about a week after the Trump White House released a 166-page report on crypto regulatory policy recommendations.
The President's Working Group made 18 recommendations to the CFTC, two of which are directly the responsibility of the CFTC.
The first recommendation requires the CFTC to clarify how cryptocurrencies are classified as commodities, how decentralized finance (DeFi) entities can comply with registration requirements, and the types of crypto activities that CFTC-regulated entities can engage in.
Another separate task is for the CFTC to consider how to amend rules to accommodate blockchain-based derivatives.
The remaining 16 recommendations require the CFTC to work collaboratively with other departments, such as the Treasury and the Securities and Exchange Commission.
In the first round of the "crypto sprint" statement, the CFTC indicated that it would work closely with the SEC to establish a rule-making process and "fully utilize existing regulatory authority to provide clear regulatory guidance."
Meanwhile, the appointment of Brian Quintenz, the CFTC chair nominee put forward by Trump, remains uncertain, as the White House intervened in late July to delay the Senate vote on his nomination.
However, on Wednesday, several crypto advocacy organizations called for "the swift confirmation" of Quintenz's appointment, arguing that having a permanent chair is crucial for the commodity futures regulator to achieve its cryptocurrency regulatory goals.
Currently, the CFTC has only two commissioners, Pham and Kristin N. Johnson, with Johnson expected to leave later this year.
Former CFTC Chair Rostin Behnam resigned when the Trump administration took over on January 20, while Summer Mersinger and Christy Goldsmith Romero left at the end of May.
Related: As adoption expands, wealthy Asian investors allocate 5% of their portfolios to cryptocurrency
Original: “CFTC Launches Second Crypto Sprint to Advance White House Plan”
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