TLDR
- The CFTC withdrew outdated crypto market regulations to better align with current market practices.
- New regulations will aim to improve market safety and enhance access to crypto trading.
- The CFTC has launched the Crypto Sprint initiative to gather public feedback for the new rules.
- The Presidential Working Group recommended clearer regulations for better consumer protection.
- The CFTC has taken steps to adapt to the evolving crypto market, including approving spot crypto trading.
The U.S. Commodity Futures Trading Commission (CFTC) has withdrawn outdated crypto market regulations. The move aims to align the agency’s guidance with the evolving crypto market. The CFTC also plans to introduce new rules for better market oversight.
CFTC Acts to Update Crypto Market Rules
The CFTC has announced the removal of old guidance regarding crypto assets. The agency stated that the previous rules no longer reflect current market practices. Caroline Pham, the acting CFTC Chairman, emphasized that this decision allows for safer market access.
By removing the outdated rules, the CFTC opens the door for new, more relevant regulations. The agency intends to craft guidelines that better match the dynamic nature of the crypto market. The CFTC also welcomes public input through its Crypto Sprint initiative, allowing industry feedback.
Pham described the withdrawal as proof of the agency’s commitment to keeping up with the rapidly changing market. The CFTC has stressed that these adjustments will enhance the safety and accessibility of the crypto market in the U.S. By aligning its rules with current practices, the agency aims to support both innovation and consumer protection.
CFTC Signals Shift Toward Clearer Crypto Market Regulations
The withdrawal of old crypto market rules comes after recommendations from the Presidential Working Group on Digital Asset Markets. The group advised regulators to offer more transparent and consistent consumer protection measures. Industry stakeholders have long expressed concerns about the ambiguity of existing regulations.
The CFTC’s move to scrap outdated rules is seen as an effort to meet these demands. The agency has been under pressure to establish a clearer regulatory framework for crypto markets. Many market players argued that the previous rules were too vague and hindered innovation.
The CFTC’s decision also signals its readiness to adapt to a fast-evolving market. In recent months, the agency has taken steps to approve spot crypto trading in the U.S. The new regulations, once introduced, aim to ensure both security and market access while encouraging growth.
The post CFTC Takes Action to Revise Outdated Crypto Rules and Enhance Oversight appeared first on Blockonomi.