The U.S. Commodity Futures Trading Commission (CFTC) has kicked off a “crypto sprint” to begin implementing cryptocurrency-related recommendations unveiled by the Trump administration on Wednesday.
CFTC Acting Chair Caroline Pham announced on Friday that the agency will collaborate closely with Securities and Exchange Commission (SEC) Chair Paul Atkins and Commissioner Hester Peirce as part of its newly launched “Project Crypto” initiative, introduced on Thursday.
“The CFTC is moving swiftly to realize President Trump’s vision of establishing the United States as the global hub for cryptocurrency,” Pham stated.
The initiatives aim to implement agency-specific recommendations outlined in a report by President Donald Trump’s Working Group on Digital Asset Markets, following his wide-ranging executive order on cryptocurrency issued in January.
Crypto Task Force Submits 18 Recommendations to CFTC
The President’s Working Group presented 18 recommendations to the CFTC, with two specifically directed at the agency.
The first called on the CFTC to move forward with several initiatives, including issuing guidance on when cryptocurrencies qualify as commodities, clarifying how its registration requirements apply to decentralized finance (DeFi), and advising CFTC-regulated entities on permissible crypto activities.
The second direct recommendation urged the CFTC to explore potential rule changes to accommodate blockchain-based derivatives.
The remaining 16 recommendations involved the CFTC in coordination with other financial regulators, including the SEC and the Treasury Department.
CFTC and SEC Directed to Collaborate on Crypto Oversight
Among the joint recommendations for the CFTC and SEC are collaborating on a unified rulemaking process and leveraging their existing authorities to offer comprehensive regulatory clarity.
The agencies were also encouraged to establish a regulatory sandbox and, over the long term, explore ways for registered entities to provide multiple services through a single user interface.
Several recommendations were directed at Congress, urging lawmakers to define how regulatory responsibilities over crypto should be divided between the CFTC and SEC. The report specifically suggested granting the CFTC clear authority to oversee spot markets for non-security digital assets.
CFTC Says It Has Already Taken Steps Toward Crypto Clarity
In a statement on Friday, Acting Chair Caroline Pham said the CFTC has already begun taking action to “deliver on the Administration’s promise to usher in a Golden Age of Crypto.”
Earlier this year, the agency met with cryptocurrency industry leaders and rescinded what it described as “outdated staff advisories” related to digital assets.
The CFTC also recently concluded consultations on enabling 24/7 derivatives trading and the use of perpetual contracts—changes supported by several crypto firms.
President Trump has nominated Brian Quintenz, currently the global head of policy at Andreessen Horowitz’s crypto venture arm, to lead the CFTC. His confirmation hearing was scheduled for Wednesday but was postponed by the Senate Agriculture Committee at the White House’s request.
