The U.S. Commodity Futures Trading Commission (CFTC) has kicked off the second phase of its “crypto sprint,” a targeted rulemaking effort designed to strengthen oversight of spot digital asset trading. Acting Chair Caroline D. Pham emphasized that the new sprint aims to put into practice the President’s Working Group on Digital Asset Markets recommendations through a public consultation process running until October 20, 2025.
This phase follows an initial crypto sprint focused on enabling spot crypto contracts on futures exchanges. It prioritizes three core objectives: enhancing transparency of trading activities, mitigating systemic risks associated with leveraged retail trading, and bolstering consumer protections. Stakeholders including institutional investors, retail participants and trading venues are invited to provide feedback on proposed classification guidelines and rule amendments.
Among the 18 recommendations outlined by the President’s Working Group, two directly target the CFTC. The first calls for clear protocols on categorizing digital assets as commodities and establishing registration criteria for decentralised finance platforms. The second urges the modernization of rules governing blockchain-enabled derivatives products. Remaining recommendations involve coordination with the Securities and Exchange Commission and the Treasury Department to ensure a unified federal framework.
The Trump administration’s nominee for CFTC Chair, Brian Quintenz, remains awaiting Senate confirmation. Meanwhile, internal resource constraints and staff reductions are challenges that may influence implementation timelines. Market participants praised the agency’s commitment to stakeholder engagement but cautioned that success will depend on effective interagency collaboration to prevent fragmented regulation.
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