The US Commodity Futures Trading Commission (CFTC) said it seems to allow the trade in spot crypto contracts on registered exchanges and seek input from stakeholders as it appears to implement President Donald Trump’s crypto ambitions.
The Agency wants stakeholders to work with it in order to provide legislative clarity on the listing of Spot Crypto asset contracts on a CFTC -registered futures exchange -also known as a designated contract market (DCM), said one of the types of licenses that CFTC administers, and acting chairman Caroline Pham said in a Monday statement.
“From today, we invite all stakeholders to work with us to give legislative clarity on how to show Spot Crypto Active contracts on a DCM using our existing authority, which I have previously proposed since 2022,” Pham said. “Together we will make America the crypto capital of the world.”
“Listed Spot Crypto Trading Initiative” is the first step that CFTC has taken in response to Trump’s working group in digital asset markets published last week. The report indicated expectations of US regulators such as CFTC will enable trade in digital assets by providing clarity to the market in areas such as registration and custody.
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The initiative is also part of the Securities and Exchange Commission’s “Project Crypto”, which is a commissioning initiative aimed at modernizing securities rules so that the financial markets can move on to Blockchain, the technology that supports crypto, SEC chairman Paul Atkins said in a release last week.
“Under President Trump’s strong leadership and vision, CFTC is full speed in front of enabling immediate trade in digital assets at the federal level in coordination with SEC’s project crypto,” Pham said.
Stakeholders are encouraged to submit their proposals for listing SPOT CRYPTO active contracts before August 18.
Congress is also working to specify what roles CFTC and SEC should have to oversee crypto, with the market structure legislation – such as the representatives ‘House of Representants’ Clarity – with the aim of making the raw material controller the primary spot market supervisor of Crypto.
