CFTC has launched the initiative to legalize sport trade of cryptocurrencies on registered exchanges. In turn, the SEC has updated the leadership of the rules for accounting for stablecoins.
CFTC steps
We are talking about contracts that monitor the spare price of cryptocurrencies, but are traded in registered derivatives (DCM) markets. The acting chairman of CFTC Caroline FAM called this in a simple way to establish federal regulation of spare trade digital assets.
The commission opened the collection of public comments on the initiative aimed at clarifying the application of section 2 (C) (2) (D) of the Law on Merchant Exchange. This item applies to retail transactions using a credit shoulder or margin. The commission also collects opinions on part 40 of its rules that regulate the activities of DCM.
CFTC is also interested in possible consequences for securities laws. For example, how the SEC regulation can be applied to the trade in assets that are investment contracts.
Offers are accepted until August 18.
The initiative is part of the program to introduce the recommendations of the working group for the markets of digital assets created under the Donald Trump administration. Among them is a more clear definition of cryptocurrencies as goods and the development of rules for participants in the Defi market.
SEC rules
The new leadership allows you to classify “stable coins” tied to the US dollar, like the equivalent of money. To do this, stablecoins must have a guaranteed maturity mechanism and a stable value provided with another class of assets.
The initiative is part of the efforts of the Chairman of the SEC Paul Atkins to simplify regulation. Last week, he presented Project Crypto. Its goal is to modernize the rules for securities and ensure the transition of the US financial markets to blockchain.
Bernstein analysts called the initiative “revolutionary”. In their opinion, it can turn the United States into a global center for blockchain financials.
The fight against debanking
Trump plans to sign a decree obliging the regulators to investigate cases of debanking of cryptocurrency companies, writes WSJ with reference to the draft document.
The decree will oblige the regulators to check whether the financial institutions complied with the requirements of the laws on bona fide lending, the protection of consumer rights and antimonopoly rules. If violations are detected, they may face fines or lawsuits.
Regulators will also have to cancel their own rules, which could contribute to the refusal of banks from servicing some customers. Potential violations can be transferred to the Ministry of Justice for further actions.
Representatives of the crypto industry have long stated that the administration of Joe Biden put pressure on banks through regulators to cut off the sector from the financial system. The phenomenon is called the Operation Choke Point 2.0.
The decree will also affect the alleged cases of refusal to maintain political reasons, in particular, in relation to conservatives.
According to WSJ, Trump can sign a document this week, but the White House plans may change.
Recall that in July the president signed the Genius Act bill, which establishes the rules for stablecoins and is the first significant regulatory act for the crypto industry in the country.
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Source: Cryptocurrency
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