CFTC’s Third Phase of Crypto Sprint

The Commodity Futures Trading Commission (CFTC) is advancing with the third phase of its “crypto sprint,” an initiative aimed at accelerating rulemaking to implement recommendations from the President’s Working Group on Digital Asset Markets.

Acting CFTC chair Caroline Pham stated, “The Administration has made it clear that enabling immediate trading of digital assets at the Federal level is a top priority.”

Scope of the Current Sprint

The CFTC’s latest sprint broadens its scope beyond spot crypto trading to encompass all remaining recommendations from the working group’s report, which aims to strengthen American leadership in technologies like crypto and digital assets.

Public affairs attorney Andrew Rossow remarked, “The CFTC appears to be trying to lay a regulatory bedrock by seeking to establish a unified, federal-level spot market for crypto assets. This addresses state-by-state fragmentation and the long-standing occupancy of this grey zone.” Rossow also sees these actions as part of a “federal legitimacy strategy” designed for foundational reform.

Retail investors are expected to benefit from heightened protections when federal regulations are implemented, which could help restore trust in a space historically compromised by insufficient oversight.

Overview of the Report

The report aims to create a unified federal framework for digital asset markets, resolving gaps in market structure, custody, stablecoin regulations, and anti-money laundering measures.

Future sprints will focus on unresolved areas such as DeFi oversight, banking access, tax clarity, and inter-agency coordination.

The latest announcement marks the third in a series of four sprints. The initial sprint on August 1 established the framework, while the second on August 4 initiated the spot trading initiative. The new phase will address broader regulatory aspects, with a fourth sprint expected to convert stakeholder feedback into formal rules and guidance.

Ray Youssef, CEO of crypto messaging and P2P trading app NoOnes, commented, “The U.S. is asserting control over digital dollars and setting standards for others. Countries that hesitated may be compelled to adopt similar regulations or risk falling behind in financial modernization.”

The CFTC has set a deadline for comments on the recommendations for October 20, and the federal agency has yet to respond to media inquiries.