The American regulator of raw materials launched a second “Sprint Crypto” to implement the president’s recommendations of the president’s working group on the digital asset markets, this time focusing on the commitment of the stakeholders.
The Combo Futures Trading Commission (CFTC) is looking for the public contribution of cryptography market players on how he can better regulate crypto trading, the acting president Caroline D. Pham said on Thursday.
“Public comments will help CFTC carefully consider the relevant problems for leverage, margined or financed on a grant registered by the CFTC,” said Pham.
The implementation is part of the agency’s efforts to help keep President Donald Trump to “win on crypto”.
“The Trump administration has inaugurated a new dawn for the crypto, and it is up to the market participants to seize this opportunity to be part of the golden age of innovation.”
The CFTC invited participants to the cryptography market to submit comments and suggestions by October 20.
Earlier this month, the regulator of raw materials launched its first Sprint Crypto Sprint initiative to explore the activation of the negotiation of cryptographic asset contracts Spot on the term scholarships registered by CFTC. He came a week after Trump’s White House published a 166-page report describing policy recommendations to regulate crypto in the United States.
Crypto Group made 18 recommendations to CFTC
The president’s working group made 18 recommendations to the CFTC, two of which were directly concerned the agency.
The first asked the CFTC to provide clear advice on how cryptocurrencies could be considered as basic products, how decentralized financial companies can comply with the recording requirements and cryptographic activities that entities regulated by CFTC can engage.
The other autonomous task for the agency was to consider how to modify the rules to accommodate derivatives based on blockchain.
16 additional recommendations concerning the CFTC have been linked to other agencies, including the Treasury and the Securities and Exchange Commission.
The CFTC’s first “sprint crypto” declaration said it would work in close collaboration with the SEC to create a regulatory process and use “their existing authorities to provide full regulatory clarity”.
Quintenz’s appointment is still in the air
Meanwhile, Trump’s choice for the president of the CFTC – Brian Quintenz – remains in the limbo after the White House intervened to postpone a vote in the Senate on his appointment at the end of July.
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On Wednesday, several crypto advocacy groups called for Quintenz’s “rapid confirmation”, arguing that a permanent chair was “absolutely critical” for the regulator of raw materials to reach its cryptographic objectives.
The CFTC is currently working with only two commissioners: Pham and Kristin N. Johnson, who should leave later this year.
The former president of the CFTC, Rostin Behnam, resigned on January 20, when the Trump administration took over, while Summer Mersinger and Christy Goldsmith Romero both resigned in late May.
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