Cryptocurrency
CFTC to develop ‘holistic framework’ for crypto assets by 2024
As reported on The Block, “The U.S. Commodity Futures Trading Commission (CFTC), the country’s derivatives regulator, is set to develop comprehensive regulations for cryptocurrencies. “In its finalized strategic plan for 2020-2024, published on Wednesday, the CFTC said: ‘We will develop a holistic framework to promote responsible innovation in digital assets.’ “The regulator said it had […]
As reported on The Block, “The U.S. Commodity Futures Trading Commission (CFTC), the country’s derivatives regulator, is set to develop comprehensive regulations for cryptocurrencies.
“In its finalized strategic plan for 2020-2024, published on Wednesday, the CFTC said: ‘We will develop a holistic framework to promote responsible innovation in digital assets.’
“The regulator said it had granted designated contract market (DCM) licenses for exchanges ‘specializing in futures relating to digital assets,’ referring to the likes of LedgerX and ErisX (both the exchanges were cleared by the CFTC last year to offer bitcoin futures).
“The CFTC further acknowledged that market regulation needs to keep pace and even lead to encourage responsible innovation. ‘The CFTC must promote responsible innovation, avoiding rules and approaches reflective of business practices long gone,’ it said.
“The regulator currently classifies bitcoin (BTC) and ether (ETH) as commodities, and hence there are futures contracts legally available for both…”