As regulatory efforts regarding cryptocurrencies continue in the US, CFTC Chairman Michael Selig has made important statements.
Speaking at the FIA’s annual industry conference, CFTC Chairman Michael Selig stated that the U.S. is “now the crypto capital of the world,” and pledged the institution to work towards creating clearer rules for cryptocurrency markets.
“The US has now become the crypto capital.”
As markets continue to digitize and cryptocurrencies become mainstream, we are at the starting point of another wave of innovation.
Selig said the CFTC is drafting a classification of crypto assets and providing registration guidelines for unsupervised software developers, while also working on rules for leveraged retail commodity trading and the classification of actual crypto perpetual futures contracts.
Selig stated, “The CFTC will establish a crypto classification framework to clarify whether a particular asset falls under the CFTC’s jurisdiction, the SEC’s jurisdiction, or both.”
Finally, Selig emphasized the importance of the CFTC’s cooperation with the US Securities and Exchange Commission (SEC), stating that with the Project Crypto initiative, they aim to end the period of conflict between the two institutions and provide clarity to market participants.
This initiative aims to reduce regulatory conflicts between institutions and create a common regulatory framework for digital asset markets.
*This is not investment advice.