While the cryptomarkt has been overshadowed in recent years by lawsuits and uncertainty, the Trump government has set a clear pro-crypto change of course. This new approach is now taking shape again with a striking announcement, in which two American supervisors work together.
Sec and cftc open door to spot crypto-trade
The American Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) brought out a joint statement on Tuesday. It states that registered stock exchanges can now offer spot crypto products.
The joint explanation of the SEC and CFTC means that large fairs such as the New York Stock Exchange (NYSE), Nasdaq and Chicago Board Options Exchange (CBOE) will soon offer Spot Trading for Bitcoin (BTC) and Ethereum (ETH), among others.
The supervisors emphasize that there are no legal obstacles for SEC or CFTC-registered trading platforms to offer these products. In addition, they call on parties from the sector to enter into direct discussions with employees of both authorities. In this way they take an important step towards more regulatory clarity, where cooperation is central. It also marks a clear break with the earlier strategy of former SEC chairman Gary Gender, who was best known for his approach to ‘regulations through enforcement’.
The recent steps are in line with the Crypto of the SEC and Crypto Sprint of the CFTC, both founded in August. The processes are set up with the aim of creating more clarity about the trade in digital assets and to promote crypto innovation in the US.
Analysts cheer: ‘More and more barriers are falling away’
Crypto analyst Tylerd responded enthusiastically to the news and stated that “more and more barriers are disappearing”. Earlier this year, important milestones were already reached, such as the introduction of the National Bitcoin reserve in March. In addition, the Genius Act was approved in July, which offers companies clear guidelines for setting up stablecoins. Since then, a wave of innovation started, with major players such as JPMorgan and Citigroup who work on their own tokens.
Christopher Perkins is also happy with the cooperation between the two supervisors. According to him, coordination between SEC and CFTC must become the norm, instead of the exception.
Source: https://newsbit.nl/doorbraak-in-vs-sec-en-cftc-sluiten-akkoord-over-spot-cryptohandel/
