In its finalized strategy for the next four years, the United States Commodity Futures Trading Commission (CFTC) has made comprehensive crypto regulation a priority.
“We will develop a holistic framework to promote responsible innovation in digital assets,” the document promises within its strategic objectives.
“Established by statute as an independent agency in 1974, the CFTC assumed responsibilities previously belonging to the Department of Agriculture since the 1920s. The Commission historically has been charged by the Commodity Exchange Act (CEA) with regulatory authority over the commodity futures and options markets. These markets have existed since the 1860s, beginning with agricultural commodities,” says the document. “Over time, these markets, known as DCMs [Designated Contract Markets], regulated by the Commission, have grown to include those for energy and metals commodities such as crude oil, heating oil, gasoline, copper, gold, and silver. The agency now also oversees DCMs for financial products such as interest rates, stock indexes, and foreign currency. Most recently, the CFTC has granted DCM licenses for exchanges specializing in futures relating to digital assets.”
In February 2020, Steven Mnuchin, the US treasury secretary, stated that cryptocurrencies should not be equivalent of old Swiss secret bank accounts. Upcoming regulatory changes, was pointed out, will not hamper technological developments, but must restrain illicit use of cryptocurrency.
