Commodity Futures Trading Commission (CFTC) has created a Task Force for Innovation to create clear regulations on emerging technologies within the derivatives markets in America.
CFTC Chairman Michael S. Selig According to the report, this taskforce will be primarily focused on blockchains, cryptocurrency assets, artificial intelligence and other autonomous systems as well as prediction markets. “By establishing a clear regulatory framework for innovators building on the new frontier of finance, we can foster responsible innovation at home,” Selig said.
This task force is collaborating with the SEC The CFTC has a committee for Innovation, comprised of over 30 senior executives, including Kalshi, Nasdaq, and the Crypto Task Force. Michael J. Passalacqua will be the senior advisor of the Chairman and lead this initiative.
Selig stressed the importance of providing a platform for innovators and regulators to interact directly. This move coincides with increased coordination between the CFTC, SEC and other regulators on crypto regulations. recent guidance Clarifying jurisdictional boundaries
The CFTC has also increased its oversight of the prediction market, despite objections from local gaming laws.
SEC and CFTC team up on Crypto
Earlier in the month, both the U.S. Securities and Exchange Commission and the CFTC released a joint statement. announced A historic Memorandum of Understanding was signed by the two countries to harmonize their approaches in relation to digital assets and emerging technologies.
In the agreement, it was made clear that they are committed to supporting innovation, protecting investors and reducing duplicative rules or conflicts which previously existed. “turf war” The agencies are divided into two groups.
Both agencies are also involved issued joint guidance last week clarifying that most digital assets — including stablecoins, digital commodities, and collectibles — are not securities, introducing a formal “token taxonomy” The traditional securities laws will only apply to blockchain assets that are similar to equities, debt or bonds.
It also clarifies the fact that activities such as mining, airdrops, and staking are not securities transactions and an asset can be classified differently.
In the MOU the SEC will work with the CFTC to share data, coordinate their oversight and jointly develop rules, especially in relation to product definitions, clearance, margin, reporting trades and intermediaries.
SEC chair Paul Atkins stated that this effort aims to provide a clear and predictable regulatory framework, as well as aligning definitions for digital assets.
Selig noted that the harmonization would modernize regulatory landscapes, decrease burdens and fill gaps. It will also help maintain U.S. market leadership.
Robert Teply, SEC, and Meghan Tente, CFTC, have also co-led a Joint Harmonization Initiative to improve cross-agency cooperation in the areas of policymaking, exams, monitoring risks, and enforcement.
This coordinated approach is a significant step towards clarity and efficiency. bitcoin and crypto firmsInvestors and market participants can navigate the financial regulation in America.
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Source: bitcoinmagazine.com
