“The agency is determined to Treat Crypto Derivatives the Same Way It Treats everything.”, – WRITE: www.coindesk.com
The First Advisory Rescinded On Friday Was Staff Advisory No. 18-14, Advisory with Respect to Virtual Currency Derivative Product Listings. Originally Publized in May 2018, The Advisory Establized Guidelines for Crypto-Related Derivatives, Including Requiring Reporting Firms to Maintain “Close Coordination With [the] CFTC Surveillance Group “and Establishing A Large Trader Reporting Threshold of Five Bitcoins (or The Equivalent Value for Other Cryptocurrencies), Among Other Friet. Letter Saying that “Additional Staff Experience” and “IncreASING MARKET GROWT” Had Renderred the Guidance Unnecossary.
The Second Advisory, Staff Advisory NO. 23-07, Review of Risks Associated with Expansion of DCO Clearing of Digital Assetsfrom May 2023, “Emphasize[d] compliance ”with cftc regulations due to the“ Hieghened Cyber and Other Operational Risks That May Be Associated with Digital Assets. ” This Guidance Was withdrawn for Another Reason-to Clearly Treat Crypto-Related Derivatives and Their Issuers Fairly, The CFTC Suggested. Advisory No.
The CFTC’s Sister Regulatory Agency, The US Securities and Exchange Commission (SEC), Has Overhauled It Approach to Crypto Regulation Since President Donald Trump Took. Under the New Leadership of Acting Chair Mark Uyeda, The Sec Has Created A Crypto Task That Has Spearheaded Its Transformation, Engaging with The Industry and Backing Down From. Into Crypto Companies that Began Under the Leadership of Former Chair Gary Gensler.
Thought the Sec’s Rapid Transformation May Be Flashier, The CFTC Is Currently Undergoing A Transforming of It Own, Streamling ITS REGulatory Strategy As Part of Ag. basss. ” In addition to the Two Pieces of Droped Crypto-Related Guidance, The Agency Has Rescinded Other Non-Crypto-Related Staff Advisories and Overhauleding ITSEment DIVISMENT DIVISMENT SPECIALIZED Enforcement Teams Down to Just Two, Pledging that A Simplified Enforcement Division Wound Be More Efficiency and “Stop Regulation by Enforcement.”
Liz davis, a washington, dc-bassed partner at davis wright tremaine llp and a former chief trial attorney in the cftc’s division Guidance As in Line with Pham’s “Back to Basics” Approach to Running the Agency.
But Davis Also Suggested That Changes Could Be Tied to A Larger Restructuring Going on at the CFTC.
“They’re Probably Undergoing A Reorganization with Everything That’s Going On with [the Department of Government Efficiency (DOGE)]”Davis SAID, ADDING THAT PHAME ONGOING EFFORTS TO“ CENTALIZE ”The CFTC’s Operations Could Help Facilitis A Reorganization.
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