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US CFTC Recognizes Digital Transformation And Hints Holistic Framework On Digital Assets
The Commodity Futures Trading Commission has recently announced the finalization of the agency’s 2020-2024 Strategic Plan. The plan was unanimously approved by the Commission in May and was subject to a 30-day comment period that ended in June.
In its press release on July 8th, it has also released the strategic plan for the next four years, wherein the United States Commodity Futures Trading Commission has hinted about the comprehensive crypto regulation in their agenda.
Well, within the tenure of current Chairman Heath Tarbert, the new regulatory framework brings out specific goals-centric approach for the next four years (i.e up until 2024) when his term is likely to conclude.
Under their strategic goal 3 section, the regulator recognizes the financial markets’ approach of rapidly deploying budding technologies, and their derivatives instruments have experienced a considerable digital transformation that presents opportunities as well as risks, and hence, they seem to be encouraging the innovation and enhance the regulatory experience for the market participants at home and abroad. The broad strategy is conducive for profoundly innovation that Tarbert and his forerunners at the CFTC have been striving for the crypto-space.
With the above-said strategic goal of encouraging digital space, cryptocurrency instruments, including payments & derivatives products have been under the meticulous scanner of the renowned global regulators, such as, US SEC, CFTC and UK’s Financial Conduct Authority (FCA).
CFTC Director of Enforcement James McDonald has recently said “the CFTC remains committed to protecting market participants from fraudulent schemes, including novel forms of fraud like the one alleged here, where defendants allegedly solicited customers to purchase a digital asset in order to gain access to Fintech’s purported forex trading algorithm”.
Recently, the fintech-wing of CFTC, ‘LabCFTC’ launches ‘Project Streetlamp’ to eliminate unregistered entities, including crypto-derivatives.