The United States Commodity Futures Trading Commission (CFTC) revealed a strategic plan for the period 2020-2024. In its rules, the body guarantees that it will promote “responsible innovation” of Bitcoin and cryptocurrencies.
In the document, the regulatory authority indicates about developing a “holistic” framework that would motivate greater innovation within Bitcoin and cryptocurrencies; always devoting care to the exhibitions and opportunities that they entail. Likewise, In an acknowledgment of greater tone, the CFTC speaks of digital assets as the merchandise or raw materials of the current century.
The strategic idea was adopted unanimously in May, however, it had to go through a 30-day comment period that ended last month. The tactic is grouped into five goals, with cryptocurrencies on the work calendar.
CFTC promotes “responsible innovation”
“Financial markets are rapidly adopting emerging technologies, and our derivatives markets have undergone an amazing digital transformation that presents opportunities and risks. (…) The CFTC must promote responsible innovation, avoiding rules and approaches that reflect commercial practices that have already disappeared”, the report informs.
It is not entirely clear what the CFTC is talking about when it comments on a “holistic” framework. The body could adopt a global regulation for digital currencies and not write any specific laws. Knowing this, there would be no difference for Bitcoin as an autonomous platform with a focus on finance or for Ethereum as a network that is focused on decentralized application development.
The commission has made it clear in the past that it views cryptocurrencies as commodities; which includes your jurisdiction within the United States. CryptoNews indicated in October 2017 that the agency made a classification of crypto assets under its jurisdiction and monitoring.
His explanation later led to the appearance of futures contracts for Bitcoin or Ether, which are traded by CME, Cboe, Bakkt, ErisX, LedgerX and Bitnomial, for example. The latter received approval to operate in April 2020.
The gradual opening of trading was mentioned in the report, which highlighted the granting of new licenses to “specialized futures exchanges” to deal in cryptocurrencies.
Since 2017 the CFTC has published educational or regulatory information about Bitcoin and cryptocurrencies. It refers to one of the agencies that in recent years has taken on oversight work, accompanied by the Securities and Exchange Commission (SEC), since it is more oriented to securities instruments.