US Crypto Regulation: SEC & CFTC Align for Clarity
The US is increasing its regulatory efforts to establish itself as a leading global hub for cryptocurrency and blockchain technology. This initiative aligns with the vision of positioning America at the forefront of the crypto sector.
SEC Launches Crypto Roundtables to Revise Digital Asset Rules
On August 1, the US Securities and Exchange Commission (SEC) announced a series of roundtables to engage with the crypto industry nationwide. These sessions will enable smaller crypto firms, particularly those with fewer than 10 employees and less than two years in operation, to interact directly with the SEC’s Crypto Task Force.
Building on the success of previous discussions in Washington D.C., SEC Commissioner Hester Peirce emphasized the importance of this outreach. She noted the necessity of including stakeholders who may not have had the opportunity to participate previously.
“We want to hear from people who were not able to travel for the roundtables that took place this past spring in Washington, D.C. and may not have had a voice in past policymaking efforts. The Crypto Task Force is acutely aware that any regulatory framework will have far-reaching effects, and we want to ensure that our outreach is as comprehensive as possible,” Commissioner Peirce said.
The roundtable series is scheduled from August through December, starting in Berkeley, California, and concluding in Ann Arbor, Michigan. The goal is to gather comprehensive input on the evolving regulatory landscape as the SEC develops policies that will shape the industry for years to come.
CFTC Reinforces Pro-Crypto Regulations
In tandem with the SEC’s efforts, the Commodity Futures Trading Commission (CFTC) has also launched a significant initiative to bolster digital asset regulation. The CFTC announced it is advancing the recommendations outlined by the President’s Working Group on Digital Asset Markets, advocating for clearer regulatory frameworks for blockchain technology and digital assets.
CFTC Acting Chair Caroline Pham stated that these steps align with the aim of solidifying America’s position as a leader in the global crypto market. The agency has already hosted the inaugural Crypto CEO Forum, withdrawn outdated guidance, and introduced new regulatory frameworks designed to provide clarity for crypto market participants.
Additionally, the CFTC is exploring a potential digital asset market pilot program and engaging in tokenization projects to ensure that US regulations evolve in sync with the industry.
The CFTC’s initiatives, combined with its collaboration with the SEC on “Project Crypto,” indicate a more structured regulatory approach that will likely influence the future growth of digital asset markets in the US.
As the regulatory landscape evolves, securing your blockchain projects is crucial. At Codeum, we offer comprehensive smart contract audits, KYC verification, and custom DApp development to ensure your projects meet the highest security standards. Contact us for a secure and compliant journey into the blockchain space.