In the US, along with the CFTC’s market oversight and compensation sector, the SEC’s commercial and market sector has announced a joint initiative aimed at providing greater regulatory clarity to the Bitcoin market (BTC) and cryptocurrencies.
This coalition of the National Securities Commission (SEC) and the Negotiation Committee for the Future of Basic Products (CFTC) Trying to promote negotiations for specific products with cryptocurrency cash (spots)Strengthen oversight while promoting US financial innovation.
The initiative was announced as a complement to the SEC project cryptographic program and CFTC cipher sprints. Both aim to improve regulatory adjustments for digital currencies. According to their statement, they will use their current authority to establish clear rules that will prevent technological innovation from being transferred to other countries.
The law corresponds to a recent report by the President’s Working Group (PWG) on the Digital Asset Market. It recommends that SEC and CFTC coordinate SEC and CFTC to “be the perfect place to innovate with blockchain technology and participate in the crypto market.”
«As the PWG report considers, inter-sectoral coordination promotes the choice of negotiation platforms and the various options available to market participants in the US. In line with these objectives, the department is prepared to support each institution considering negotiation of specific crypto-active products in cash on registered exchanges».
SEC statements and CFTC.
They added that current law. Exchanges recorded before SEC or CFTC do not prohibit promoting negotiations for cash for cryptographically active products (spot). Therefore, they will invite market participants to interact with the institution if necessary, in the face of uncertainty.
The agency has announced that allowing the platform to negotiate products with cryptocurrency cash will expand options for US market participants and encourage competition between platforms.
Also, representatives from the SEC and CFTC showed that They prioritize registered exchange requests and presentations It seeks to promote negotiation of products in cryptocurrency cash. Market participants planning to submit records or requests for assistance may have direct orientation for the department.
The document highlights that both entities are coordinating the issuance of guidelines for negotiation of cryptocurrency retail transactions (spots), including leverage, margins, or funding, with the aim of providing greater certainty to market participants.
According to the department, current rules allow the compensation office to work with custodians to maintain customer accounts.
Another notable point is the monitoring of the underlying market.. According to the announcement, sharing reference platforms between NSE, DCM, and FBOT (Siglas, referring to different types of bags and markets regulated in the US) contributes to more effective surveillance.
Public dissemination of commercial data is also considered a priority. The institution emphasized that information on NSE transactions will be made public to the public – the foundation of the SEC and DCM registered securities registered in the CFTC and DCM and that it is registered in the DCM provide valuable data to market participants.
Both the SEC and the CFTC have expressed their willingness to review consultation and review platform requests that wish to operate cryptocurrency in cash under a regulated frame. This covers futures markets recognized by the CFTC, and certified foreign companies from national exchanges registered with the SEC.
Paul Atkins, president of the SEC, declared, “market participants must have the freedom to choose where to manipulate them using cryptographic effects in cash.” Caroline Fam, interim president of the CFTC, said: That chapter is over».
Experts such as journalist Eleanor Terrett They catalogued the joint regulatory declaration as a “rare sample of unity.”After years of uncertainty about their role and regulatory overlap in the sector. “This measure marks a key step in the project. The initiative of the Crypto and Crypto Sprint Authority is to coordinate oversight and simultaneously expand location selection and options for participants in the US market,” he added.
It’s worth mentioning that SEC started at the end of July Project Crypto is an initiative aimed at modernizing value regulation and promoting innovation in cryptocurrency-based markets. As reported by Cryptonotics, Paul Atkins declared that the project will attract and strengthen US industries, ensuring freedom and independence, and among other aspects, allow for the development of “overapply” that combines multiple services under a single license.
