Caroline Pham, acting chair of the Commodity Futures Trading Commission, announced the commission will begin a “crypto sprint” to start implementing recommendations made by the President’s Working Group on Digital Asset Markets.
The recommendations were made by the working group earlier this year. The group includes Cham, Chair David Sacks, Special Advisor for AI and Crypto; Scott Bessent, U.S. Treasury Secretary; Pam Bondi, U.S. Attorney General; Howard Lutnick, U.S. Secretary of Commerce; Kristi Noem, U.S. Secretary of Homeland Security; Russell Vought, Director of the Office of Management and Budget; and Marco Rubio, Acting Assistant to the President for National Security Affairs, among others. Cham said the group was moving ahead with implementing President Donald Trump’s crypto agenda.
“The CFTC is wasting no time in fulfilling President Trump’s vision to make America the crypto capital of the world,” Pham said. “We will work closely with SEC Chairman Paul Atkins and Commissioner Hester Peirce to achieve Project Crypto. Providing regulatory clarity now and fostering innovation in digital asset markets will deliver on the Administration’s promise to usher in a Golden Age of Crypto.”
Since Trump’s inauguration, the CFTC has held a Crypto CEO Forum and has withdrawn outdated staff advisories as well as released new guidance to improve regulatory clarity for entrepreneurs in crypto and digital assets. The CFTC’s recommendations include allowing American citizens and businesses to own digital assets and use blockchain technologies for lawful purposes without fear of prosecution, as well as allowing entrepreneurs and innovators with the ability to “upgrade all sectors of our economy using these technologies;” having Congress codify digital asset principles; allowing policymakers and market regulators to lay the foundation for America to become the world leader in digital asset markets and aligning federal tax policy to recognize the unique characteristics of digital assets.
Pham also announced the CFTC will launch an initiative for trading spot crypto asset contracts listed on a CFTC-registered futures exchange. The announcement was the first in Pham’s “sprint” to implement the Working Group’s recommendations.
“Under President Trump’s strong leadership and vision, the CFTC is full speed ahead on enabling immediate trading of digital assets at the Federal level in coordination with the SEC’s Project Crypto,” Pham said. “There is a clear and simple solution the CFTC can implement now. The Commodity Exchange Act currently requires that retail trading of commodities with leverage, margin, or financing must be conducted on a DCM. Starting today, we invite all stakeholders to work with us on providing regulatory clarity on how to list spot crypto asset contracts on a DCM using our existing authority.”
Interested stakeholders can submit feedback and make suggestions by providing written input on the CFTC website.