CFTC, in conjunction with the SEC, will begin implementing the White House’s recommendations on crypto regulation

What’s new? The US Commodity Futures Trading Commission (CFTC) has launched a “crypto sprint” to begin implementing cryptocurrency regulatory recommendations released by the Trump administration. CFTC Acting Chair Caroline Pham said the agency would “work closely” with Securities and Exchange Commission (SEC) Chairman Paul Atkins and SEC Commissioner Hester Peirce on the Project Crypto initiative.

Press release

What else is known?

“The CFTC is wasting no time in fulfilling President Trump’s vision to make America the crypto capital of the world,” Pham said.

The project will implement the recommendations of the White House Working Group on Digital Asset Markets, which were drafted in response to Trump’s sweeping January executive order on cryptocurrencies.

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The CFTC was presented with 18 recommendations. Among other things, the agency should develop criteria under which cryptocurrencies can be recognized as commodities, develop a procedure for applying the registration rules to decentralized finance (DeFi) protocols. It should also issue a guide for supervised companies on what crypto services they can offer to customers.

Another separate task for the agency will be to consider amending the current rules to adapt them to account for blockchain-based derivatives.

On other issues, the CFTC needs to work with the SEC and the Treasury Department. For example, the CFTC and SEC will coordinate to create a rulemaking process using existing authority to ensure transparency. Both agencies have also been directed to create a regulatory sandbox.

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In addition, Congress needs to determine how the CFTC and SEC will divide crypto regulation between them. The White House report said the CFTC should be given “clear authority to regulate spot markets in non-security digital assets.”

Late last week, Caroline Pham reported that the CFTC has already begun work to “deliver on the Administration’s promise to usher in a Golden Age of Crypto.”

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Earlier this year, the CFTC met with cryptocurrency executives to discuss the industry and rescinded some outdated guidelines. The commission recently consulted on allowing 24-hour derivatives trading, which was supported by some in the industry.

Trump nominated Brian Quintenz, the global head of policy at cryptocurrency venture capital firm Andreessen Horowitz, to head the CFTC. He is now awaiting a nomination hearing in Congress.