The U.S. Commodity Futures Trading Commission (CFTC) took another important step today. We clearly see supportive policies for cryptocurrencies in all US institutions, and there is no end to this. These regulatory developments, which are extremely good for cryptocurrencies in the long term, have become a lifeline for the sector after the intense pressure during the Biden period. So what does Caroline D. Pham see as the turning point for cryptocurrencies?
Turning Point in Cryptocurrencies
CFTC today BTClaunched a pilot program involving certain cryptocurrencies such as ETH and USDC. The regulator, which issued guidance on tokenized securities, eliminated the old requirements with the passage of the GENIUS Act. Today’s announcement is available in regulated markets with appropriate safeguards. of cryptocurrencies It is defined as a turning point for its widespread use.
Caroline D. Pham, Deputy President of the institution, said;
“This year under my leadership CFTCpaved the way for America’s Golden Age of Innovation and Crypto. Considering the recent customer losses at non-US crypto exchanges, this imperative has never been more important. Americans deserve safe US markets as an alternative to offshore platforms, and that’s why I announced last week that spot cryptos can now be traded on CFTC registered exchanges.
Today, in our derivatives markets, Bitcoin is a platform that establishes clear safeguards to protect client assets and enhances the CFTC’s monitoring and reporting capabilities.
$86,989.86 and I am launching a US digital asset pilot program for tokenized securities, including Ether.
The CFTC is also providing regulatory clarity through tokenized collateral guidance for real-world assets such as U.S. Treasury securities and rolling back obsolete CFTC requirements under the GENIUS Act. As I said before, embracing responsible innovation ensures that U.S. markets are world-leading and will drive progress that will fuel U.S. economic growth as market participants can spend their money smarter and further. “- Source: Official CFTC Announcement
The Future of Cryptocurrencies
Stablecoins and tokenized assets make many things cheaper and more efficient for traditional markets. Even in the 2021s, crypto was always selling promises, but today we see that products that produce real benefits are becoming widespread. Tokenized assets It is being adopted by trillion-dollar asset managers, banks worth hundreds of billions of dollars are entering the stablecoin business, and all US financial regulators are paving the way for cryptocurrencies. This is what Pham refers to as the path to crypto’s golden age. We are entering the era of cryptocurrencies that work beyond speculative movements and attract attention because they work.
Circle President Heath Tarbert said the following about the latest CFTC announcement;
“We appreciate Pham’s groundbreaking leadership in derivatives markets and responsible innovation. The use of prudently regulated payment stablecoins in CFTC-regulated markets protects customers, reduces settlement hassles, supports 24/7 risk mitigation, and strengthens the US dollar’s leadership through global regulatory cooperation. Near real-time margin clearing will also reduce the risks of exchange failure and liquidity crunches in the evenings, weekends, and holidays. Acting Chairman Pham and the Commission are committed to the safest, deepest and deepest U.S. It has set the course for a future in which it will continue to maintain reliable global derivatives markets.”
Finally, previously published by FCM of cryptocurrencies The advisory not to be accepted as collateral (No. 20-34) was also withdrawn with immediate effect. All of these decisions are based on feedback from the CFTC Crypto CEO Forum and recommendations from the Digital Asset Markets Subcommittee of the Global Markets Advisory Committee.
