The Securities and Exchange Commission and the Commodity Futures Trading Commission announced a joint initiative on Tuesday to streamline the trading process of cryptocurrency assets.
SEC, CFTC Team Up To Establish Clear Crypto Guidelines
The SEC’s Division of Trading and Markets and the CFTC’s Division of Market Oversight and Division of Clearing and Risk will work together to issue guidelines on the listing of leveraged, margined or financed spot retail commodity transactions on digital assets, according to a joint statement.
The agencies said they are acting on the recommendations shared by the President’s Working Group on Digital Asset Markets, which called for cooperation between the CFTC and SEC to advance blockchain-based innovation and regulatory clarity in the U.S.
“This joint statement provides the Divisions' view that current law does not prohibit SEC- or CFTC-registered exchanges from facilitating trading of these spot crypto asset products,” the press release read.
The agencies said that they were prepared to address questions from market participants who might be preparing to submit necessary registrations, proposals or requests for appropriate relief.
See Also: Coinbase To Launch Futures Offering Combined Exposure To ‘Mag 7’ Stocks, Bitcoin And Ethereum ETFs
Trump Administration’s Crypto-Friendly Stance
This initiative is a significant step in the direction of the SEC’s Project Crypto, which was launched with the aim of overhauling securities regulations to adapt to blockchain-based financial systems.
The Federal government has increasingly taken a pro-cryptocurrency position since President Donald Trump took office, intending to make the U.S. the world’s “cryptocurrency capital.”
Key cryptocurrency bills have gained momentum in recent months. The CLARITY Act, which proposes to split cryptocurrency oversight between the SEC and the CFTC, sailed through the lower chamber. Senior GOP senators released a discussion draft for a similar piece of legislation in July.
However, concerns over Trump-backed ventures and a potential conflict of interest have heightened scrutiny of the bills, with senior Democrat Sen. Elizabeth Warren (D-Mass.) among the most vocal opponents.
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