The US Commodity Futures Trading Commission (CFTC) has unveiled a “Crypto Sprint” initiative focused at strengthening digital asset rules within the United States. The announcement comes days after the US Securities and Exchange Commission (SEC) kicked off “Project Crypto,” as all monetary regulatory companies proceed to align with US President Donald Trump’s pro-crypto coverage.
CFTC To Collaborate With SEC On Crypto Regulatory Clarity
In a public launch on August 1, CFTC’s Acting Chairman Caroline D. Pham shared the Commission’s intention to launch a “Crypto Sprint” geared toward bettering regulatory readability within the US crypto digital asset business. In explicit, this initiative is a response to the suggestions report by the President’s Working Group on Digital Asset Markets established in January 2024.
The report, which is titled “Strengthening American Leadership In Digital Financial Technology”, largely encourages US participation in constructing the cryptocurrency ecosystem through a pro-innovation mindset in direction of regulation.
In response to this coverage report, Pham has expressed the CFTC’s readiness to cooperate with President Trump’s imaginative and prescient of constructing a crypto-friendly atmosphere within the US. She stated:
The CFTC is losing no time in fulfilling President Trump’s imaginative and prescient to make America the crypto capital of the world
The Commission Chair additionally publicly shares their help of the SEC’s “Project Crypto,” which was additionally introduced on August 31 in response to the Working Group’s report. Pham acknowledged:
We will work carefully with SEC Chairman Paul Atkins and Commissioner Hester Peirce to attain Project Crypto. Providing regulatory readability now and fostering innovation in digital asset markets will ship on the Administration’s promise to usher in a Golden Age of Crypto.
Under Project Crypto, Atkins had acknowledged that the SEC goals to revitalize the US crypto market by growing easy rules tailor-made to the intricacies of varied digital asset actions, together with custody and buying and selling, all focused at realizing President Trump’s imaginative and prescient of creating the US “crypto capital of the world.”
The CFTC additionally stays dedicated to this imaginative and prescient, as indicated by the declaration of the “Crypto Sprint,” which follows earlier actions together with the first-ever Crypto CEO Forum, and a number of dialogues on a digital property market pilot program, amongst different initiatives.
Trump’s Pro-Crypto Push Continues
Following the general public commitments from the CFTC and SEC, Trump stays targeted on delivering key guarantees geared toward establishing the US as a worldwide chief within the digital asset area. Alongside a friendlier stance from regulators, legislative momentum can be constructing, highlighted by the current signing of the GENIUS Act, with further payments just like the much-anticipated Clarity Act presently within the pipeline.
At press time, the full crypto market cap stays valued at $3.60 trillion, reflecting a 1.76% decline up to now day.
Featured picture from Reuters, chart from Tradingview
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