CFTC moves to establish comprehensive crypto regulatory framework, seeks public comments

Washington [US], October 6 (ANI): The US Commodity Futures Trading Commission (CFTC) has begun the process of establishing a comprehensive regulatory framework for crypto asset transactions, seeking public comments on rules covering retail commodity transactions involving crypto assets.

The CFTC on Monday published an Advanced Notice of Proposed Rulemaking (ANPRM), seeking views on how it can establish “fit-for-purpose” rules for crypto asset transactions covered under Section 2(c)(2)(D) of the Commodity Exchange Act. The move could form the basis for future rulemaking governing crypto asset markets.

CFTC Chairman Michael S. Selig said the initiative was aimed at providing greater clarity and certainty to market participants while strengthening consumer protections.

“The American people deserve clarity, certainty, and consumer protections in the crypto asset markets and the agency is committed to delivering this by incorporating crypto asset transactions into its uniform national market regulatory framework,” Selig said.

The CFTC said the proposed framework would seek to prevent abusive practices in crypto asset markets and establish a uniform national regulatory regime for the transactions covered by the notice.