US CFTC Promises ‘Holistic Framework’ for Digital Assets by 2024
The CFTC has made comprehensive crypto regulation a strategic objective to accomplish over the next few years, referring to digital assets as â€œ21st century commodities.â€�
In its finalized strategy for the next four years, released on July 8, the United States Commodity Futures Trading Commission has made comprehensive crypto regulation a priority.
New strategy promises to embrace innovation
â€œWe will develop a holistic framework to promote responsible innovation in digital assets,â€� the new framework promises within its strategic objectives.
The new framework puts out goals for the next four years, up until 2024, which is when current Chairman Heath Tarbertâ€™s term is scheduled to end. The broad strategy includes heavily pro-innovation language, for which Tarbert and predecessors at the CFTC are well-known in the crypto community.
The release applauded developments in derivatives on digital assets and general digitization of trading over recent years:
â€œFinancial markets quickly adopt emerging technologies, and our derivatives markets have experienced an amazing digital transformation.â€�
CFTCâ€™s role in crypto regulation
The CFTC handles regulation and enforcement of derivatives markets, as well as fraud and market manipulation within commodity trading. As todayâ€™s announcement notes, â€œexchanges specializing in futures relating to digital assetsâ€� have entered into the CFTCâ€™s purview, including the recent addition of Ether futures to options in the U.S. market.
Just yesterday, CFTC Chairman Heath Tarbert commented on the importance of cooperation with co-regulator the Securities and Exchange Commission in establishing guidelines for crypto assets. The new guidelines similarly aim to â€œHarmonize regulations for market participants subject to concurrent CFTC and SEC jurisdiction.â€�
Powered by WPeMatico