Last week, the White House revealed its report on the President’s Working Group on Digital Asset Markets. The policy initiative was launched by President Donald Trump earlier this year as he sought to address the negligence during the Biden administration regarding digital asset innovation.
Immediately, acting Chairman of the CFTC Caroline Pham announced that her agency will commence a “crypto sprint” to implement the guidance provided in the report.
Chairman Pham stated:
“The CFTC is wasting no time in fulfilling President Trump’s vision to make America the crypto capital of the world. We will work closely with SEC Chairman Paul Atkins and Commissioner Hester Peirce to achieve Project Crypto. Providing regulatory clarity now and fostering innovation in digital asset markets will deliver on the Administration’s promise to usher in a Golden Age of Crypto.”
The CFTC added that since January, they have worked to withdraw “outdated” staff advisories and provide new guidance to the market.
Additionally, the CFTC recently completed a public comment period on 24/7 trading and perpetual derivatives. Perpetual derivatives have been trading live on CFTC-registered designated contract markets since April, and 24/7 trading has been live since May.
The conventional wisdom is that eventually all securities and commodities will migrate to a digital iteration. New technology can remove cumbersome friction, while reducing operational cost and enabling a new generation of investible assets. The Trump Administration has set a goal as making the US the crypto hub of the world.