SEC's Regulatory Initiative Execution Participation Forecast "Cryptocurrency, Will Create Classification Criteria for Commodities-Securities"
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Acting CFTC Chairman Caroline Pham announced through an official statement that she will closely cooperate with the SEC according to the White House's recommendations.
Previously last month, the Presidential Working Group within the White House announced that cryptocurrencies would be classified as commodities and securities, with CFTC and SEC dividing market regulation. In response, the SEC announced the cryptocurrency regulation initiative 'Project Crypto'. The CFTC also stated it will cooperate with the SEC's Project Crypto.
Both sides are committed to establishing clear criteria for classifying cryptocurrencies as commodities and securities according to the White House's recommendations.
Project Crypto includes provisions supporting cryptocurrency companies' activities, including introducing a licensing system for the cryptocurrency market and Initial Coin Offerings (ICO). It is considering a method where cryptocurrency brokers can provide various cryptocurrency products with a single license.
Previously, the Presidential Working Group presented 18 recommendations to the CFTC, requesting the establishment of criteria for classifying cryptocurrencies as commodities, CFTC registration requirements, and regulatory measures for the DeFi industry. It also mentioned revising regulations to incorporate blockchain-based derivatives into traditional financial markets.
Reporter Seung-won Kwon ksw@blockstreet.co.kr
