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    Home » Crypto News » US CFTC To Establish “Holistic Framework” For Cryptocurrencies To Promote Innovation

    US CFTC To Establish “Holistic Framework” For Cryptocurrencies To Promote Innovation

    Author: Jordan Lyanchev

    Last Updated Jul 10, 2020 @ 09:53

    The CFTC is developing holistic regulations for cryptocurrencies to encourage innovation.

    The US Commodity Futures Trading Commission (CFTC) published a new set of regulations for derivatives assets, including cryptocurrencies. The agency is developing comprehensive rules for digital assets to promote innovation in the field.

    CFTC’s New Legislation For Cryptocurrencies

    The CFTC is the US’s derivatives regulator. According to the chairman, Heath P. Tarbert, derivatives, including futures, swaps, and options, “provide critical risk management and price discovery tools that can promote long-term stability and growth in the real economy.” Consequently, he believes that it’s his agency’s duty to introduce comprehensive regulations on all involved asset groups.

    Heath Tarbert CFTC Chairman. Source: Yahoo
    Heath Tarbert CFTC Chairman. Source: Yahoo

    Established to operate as an independent agency in 1974, the CFTC grew in time to include energy and metals commodities such as crude oil, heating oil, gasoline, copper, gold, and silver.

    In its strategic plan published earlier this week for 2020-2024, the agency outlined that it will oversee DCMs for financial products such as interest rates, stock indexes, foreign currency, and cryptocurrencies.

    More specifically, the Commission said that it had granted DCM licenses for exchanges specializing in futures and options trading for digital assets. Those two platforms are the ErisX and LedgerX – both received such permits last year.

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    For the upcoming period from 2020 to 2024, the agency admitted that market regulations for the cryptocurrency field need to be intact with the current trends. As such, the CTFC noted developing “a holistic framework to promote responsible innovation in digital assets.”

    CFTC Chairman On Crypto And Blockchain

    Tarbert has been rather positive on the cryptocurrency and blockchain industries in the past while planning to establish more precise regulation at the same time.

    In late 2019, he urged the US to become more receptive to technological innovations and to lead in blockchain and digital asset adoption. He said that cryptocurrencies could “have a fundamental transformational change to the global financial system.”

    He doubled-down on his bullish views on blockchain in another interview later, saying that “I think whoever ends up leading in this technology will end up writing the rules of the road for the rest of the world. My emphasis is on making sure the United States is a leader.”

    In January this year, Tarbert asserted that the CFTC is currently working to “legitimize and add liquidity to these (cryptocurrency) markets.”

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    Tags: CFTC Regulations United States
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    About The Author

    Jordan Lyanchev
    More posts by this author

    Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn

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