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The acting chairman Caroline Pham of CFTC has unveiled plans to unite spot and futures trade under a single regulatory framework in collaboration with the SEC.
The US Commodity Futures Trading Commission (CFTC) has unveiled ‘Crypto Sprint’, a program that can ultimately be traded on the spotcypto contracts on approved futures exchanges.
According to the rack By CFTC acting chairman Caroline Pham, the move is part of a broader regulatory clarity for the sector in collaboration with the SEC (Securities and Exchange Commission). She added,
“From today, we invite all stakeholders to work with us to provide regulatory clarity about mentioning crypto activation contracts on a DCM with the help of our existing authority.”
In other words, the DCM (designated contract market) would enable a single exchange and to offer futures in the same setting and regulatory framework. Comments from stakeholders are expected by August 18.
An urge for a streamlined crypto -regime
At the moment, Spothandel and Futurehandel for platforms such as Coinbase are being treated as individual entities from a regulation perspective.
As a user you can seamlessly switch between different Coinbase offers. However, under the hood you have to deal with different entities.
The same applies to the Chicago Mercantile Exchange (CME), which mainly focuses on futures -trade.
Instead of individual licenses and entities, the aforementioned CFTC program Open appears for both spot and futures trading offered in a uniform, federally regulated framework.
The move can also help the sector establish Which tokens are raw materials, because that is the core mandate of the CFTC. That is what Perianne Boring, founder of Digital Chamber, a crypto interest group, said.
Source: X
This fits in with the dual-regulating approach proposed by the Clarity Act, the wider crypto framework.
In fact, last week, the sec issued A guideline for a new crypto ETF list standard that would require an active to act under futures for about 6 months before he is considered for approval.
Jointly, the relocation of the CFTC and the planned revision of the SEC to reflect new innovation among ‘Project Crypto‘Furthermore, confirms the pressure of the current administration to streamline the regulations in the sector.
However, the role of each regulator in the sector will be much clearer and codified in the yet financed Clarity Act.