CFTC
Trump in considerations for CFTC to regulate crypto
The U.S. President-elect’s administration is considering the commodity trading authority to take over the crypto regulations.
The Commodity Futures Trading Commission (CFTC) is in Donald Trump’s eye to lead the emerging financial industry, cryptocurrency, after the exchange commission weighed on the past few years to rule.
According to Fox Business on Nov. 26, the effort to move the power to the CFTC has been seen as Trump and the Republican majority repeal the jobs from the Securities and Exchange Commission (SEC).
If the concept is approved by Congress, the commission will have a major role in regulating digital assets, as well as crypto-related products such as Bitcoin spot ETF and Ethereum spot ETF. It will also allow them to supervise the options market, which released some crypto products earlier this month.
The newly elected President also wanted to bring an innovative environment to the digital asset, which can create a better outlook for the industry since crypto is still considered as a new financial market.
SEC role will replaced by CFTC
The SEC, under Biden’s presidency, has received a lot of criticism from the crypto market due to the heavy enforcement of court and regulations. Last year, the commission was accusing crypto-related entities up to 46 times, which increased by 53% from the previous year. It is also the highest number of lawsuits since the commission supervised crypto in 2013, according to a report from Cornerstone Research.
Crypto exchanges, like Binance and Coinbase, are the major target for SEC lawsuits, including the Changpeng Zhao (CZ) cases for operating illegal exchanges and violating securities law. Coinbase is also facing the same lawsuit under SEC Chairman Gary Gensler, which indicates as unregistered exchange.
CFTC, on the other hand, will play a significant role in the growing industry with 50 million traders and a $3 trillion market size. The move also would allow the commission to regulate crypto exchanges, companies, and individuals in specific markets.
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CFTC Commissioner Summer Mersinger says crypto perpetual futures can make their debut in the US amid a changing regulatory landscape. The outgoing CFTC Commissioner notes that an incoming approval will usher in a raft of benefits for the broader US economy.
CFTC Commissioner Hints At Crypto Perpetual Futures
CFTC Commissioner Summer Mersinger has confirmed plans by US authorities to approve crypto perpetual futures. The outgoing Commissioner disclosed plans in a Bloomberg interview, noting that the US markets are ripe for crypto perpetual futures to make their debut.
Mersinger, in response to a question over the status of their offerings, noted that the US is inching toward approval. However, Mersinger did not give a timeline for the approvals but hinted that crypto perpetual futures will be part of the wave of crypto regulations.
The US is galloping toward stablecoins and a crypto market structure regulation as the Senate advances the GENIUS Act one step closer to launch.
“It would be great to get that trading back onshore in the United States,” said Mersinger. “I think it’s unfortunate that it has been driven offshore for so long.”
While crypto perpetual futures are unavailable in the US, the offerings have surged in popularity in other jurisdictions. Exchanges like Binance and Bybit are recording significant volumes by offering the contracts to foreign-based investors.
These perpetual contracts differ from traditional futures as they allow traders to speculate on crypto prices without expiry dates. Furthermore, traders are attracted to crypto perpetual futures given the perks of leverage and funding fee payouts.
Aliyu Pokima
Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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CFTC
CFTC Welcomes Public Comments on 24/7 Trading – Acting Chairman Says Agency Must Take ‘Forward-Looking’ Approach
The Commodity Futures Trading Commission (CFTC) is asking the public to comment on the idea of allowing round-the-clock trading in derivatives markets.
In a statement, the federal agency, which regulates the derivatives markets, says it is exploring the possibility of 24/7 trading to keep up with shifting financial trends.
Says Acting Chairman Caroline Pham,
“As I have long said, the CFTC must take a forward-looking approach to shifts in market structure to ensure our markets remain vibrant and resilient while protecting all participants. One evolving trend is the move to 24/7, 24/6, or 24/5 trading hours. I look forward to the public comments on this market innovation.”
The agency is specifically seeking comments on the effects and risks of permitting trading at all hours of the day.
“This request seeks comment on the implications of extending the trading of CFTC-regulated derivatives markets to an effectively 24/7 basis, including the potential effects on trading, clearing and risk management which differ from trading during current market hours. The request also seeks comment on the risks of 24/7 trading, and the associated clearing systems, including risks related to the areas of market integrity, customer protection or retail trading.”
The agency will receive public comment until May 21st.
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Republican Senator Tim Scott of South Carolina says a bill seeking to create a comprehensive regulatory framework for the digital asset space will become law later this year.
In a new interview with Fox News, Scott, the chairman of the Senate Committee on Banking, Housing, and Urban Affairs, says a bill that will help crypto firms thrive and innovate is set to be passed later this year, countering the last regime’s stance on digital assets.
“There’s no doubt that under the Biden Administration and [Chairman Gary] Gensler at the SEC – they just didn’t like crypto. What I’ve said very often is simply this: we must innovate before we regulate. That means allowing innovation to happen here at home in the digital assets space is critical to American economic dominance across the globe.
The good news is President Trump is leading the way to a crypto revolution starting here at the Banking Committee. And that’s why we’ve moved very quickly the GENIUS Act… It’s passed through my Committee in a bipartisan fashion. Next [is] market structure…I believe [it will be] passed into law by August.”
The Genius Act, which establishes regulations for stablecoins, is headed to the Senate floor for a vote after the Senate Banking Committee approved the bill with a bipartisan vote of 18-6.
While Scott says a bill to establish a crypto market structure is next, he didn’t mention any specific piece of legislation.
However, one bill that fits the mold is the Digital Asset Market Structure and Investor Protection Act, which would give the Commodities Futures Trading Commission (CFTC) regulatory power over digital assets while handing the U.S. Securities and Exchange Commission (SEC) the authority to oversee digital asset securities.
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