In its strategic plan for 2020-2024, the US CFTC plans to develop a framework to regulate and promote digital assets in the country. Alongside Coinbase’s IPO dreams, this framework could be a catalyst for major adoption in North America. Regulations around cryptocurrencies in most parts of the world are in a grey area. Despite discussions in international forums like the G20 regarding the need to regulate the crypto industry, there has been no real progress from prominent governments.
Bitcoin continues to get mainstream exposure.
The leading cryptocurrency bitcoin (BTC) has come a long since its inception almost a decade ago. The new CFTC regulations could play a major role in legitimizing cryptocurrencies like bitcoin in the country. The decentralized cryptocurrency bitcoin has been getting constant mainstream exposure for a long time as it continues to pique the interest of people around the world. Bitcoin has been given mainstream exposure by influencer marketing to well-known comics and shows like the Simpsons. At the time of writing, the price of BTCUSD is just above $9,100.
CFTC will develop a holistic framework to promote responsible innovation in crypto.
In its report, the US CFTC claimed that they would “develop a holistic framework to promote responsible innovation in digital assets,” roaring digital assets as “21st-century commodities.” The four-year strategic plan proposed by the US CFTC offers further clarity on precisely how the regulator could deal with the growing digital assets industry. The CFTC wants to promote liquidity and transparency amongst all trading assets in order to make commodity derivative markets more resilient. Earlier, the CFTC had declared that BTC and ETH are commodities, not securities.
Countries all around the world are currently working to enforce more strict crypto regulations based on the guidelines issued by the Financial Actions Task Force last year. However, the current US President Donald Trump had expressed his disinterest in bitcoin and all cryptocurrencies last year.