The US Commodity Futures Trading Commission (CFTC) has unveiled a “Crypto Sprint” initiative targeted at strengthening digital asset regulations in the United States. The announcement comes days after the US Securities and Exchange Commission (SEC) kicked off “Project Crypto,” as all financial regulatory agencies continue to align with US President Donald Trump’s pro-crypto policy.
CFTC To Collaborate With SEC On Crypto Regulatory Clarity
In a public release on August 1, CFTC’s Acting Chairman Caroline D. Pham shared the Commission’s intention to launch a “Crypto Sprint” aimed at improving regulatory clarity in the US crypto digital asset industry. In particular, this initiative is a response to the recommendations 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 building the cryptocurrency ecosystem via a pro-innovation mindset towards regulation.
In response to this policy report, Pham has expressed the CFTC’s readiness to cooperate with President Trump’s vision of building a crypto-friendly environment in the US. She said:
The CFTC is wasting no time in fulfilling President Trump’s vision to make America the crypto capital of the world
The Commission Chair also publicly shares their support of the SEC’s “Project Crypto,” which was also announced on August 31 in response to the Working Group’s report. Pham stated:
We will work closely with SEC Chairman Paul Atkins and Commissioner Hester Peirce to achieve Project Crypto. Providing regulatory clarity now and fostering innovation in digital asset markets will deliver on the Administration’s promise to usher in a Golden Age of Crypto.
Under Project Crypto, Atkins had stated that the SEC aims to revitalize the US crypto market by developing simple regulations tailored to the intricacies of various digital asset activities, including custody and trading, all targeted at realizing President Trump’s vision of making the US “crypto capital of the world.”
The CFTC also remains committed to this vision, as indicated by the declaration of the “Crypto Sprint,” which follows previous activities including the first-ever Crypto CEO Forum, and multiple dialogues on a digital assets market pilot program, among other initiatives.
Trump’s Pro-Crypto Push Continues
Following the public commitments from the CFTC and SEC, Trump remains focused on delivering key promises aimed at establishing the US as a global leader in the digital asset space. Alongside a friendlier stance from regulators, legislative momentum is also building, highlighted by the recent signing of the GENIUS Act, with additional bills like the much-anticipated Clarity Act currently in the pipeline.
At press time, the total crypto market cap remains valued at $3.60 trillion, reflecting a 1.76% decline in the past day.
Featured image from Reuters, chart from Tradingview
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
Credit: Source link
