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The US CFTC promises a “comprehensive framework” for digital assets by 2024

July 9, 2020

In its final version of its strategy for the next four years, published on July 8, the United States Commodity Futures Trading Commission (CFTC) has given priority to comprehensive regulation of cryptocurrencies.

The new strategy promises to adapt to innovations

“We will develop a comprehensive framework to promote responsible innovation in digital assets,” promises the new framework as part of its strategic goals.

The new framework sets goals for the next four years until 2024, when President Heath Tarbert’s current term ends. The comprehensive strategy includes a language that focuses on innovation and that Tarbert and his CFTC predecessors are known in the crypto community.

The US CFTC promises a “comprehensive framework” for digital assets by 2024The US CFTC promises a “comprehensive framework” for digital assets by 2024

The statement welcomed the evolution of digital asset derivatives and the general digitalization of trading in recent years:

“Financial markets are rapidly adopting new technologies and our derivatives markets have undergone a surprising digital transformation.”

The role of the CFTC in regulating cryptocurrencies

The CFTC takes care of the regulation and enforcement of the derivative markets as well as fraud and market manipulation in commodities trading. As today’s announcement shows “Exchanges specializing in digital asset futures” have entered the CFTC space, including the recent addition of ether futures to options in the US market.

Just yesterday, CFTC President Heath Tarbert commented on the importance of working with the Securities and Exchange Commission’s co-regulator to set guidelines for crypto assets. The new guidelines have the same goal: “Harmonize rules for market participants that are under the simultaneous responsibility of the CFTC and the SEC.”