The U.S. Securities and Exchange Commission (SEC) and the U.S. Commodity Futures Trading Commission announced a joint initiative to coordinate efforts on digital assets, according to Reuters. The two commissions will work together to issue guidance about the “listing of leveraged, margined, or financed spot retail commodity transactions on digital assets,” the agencies said in a release.
The SEC has also announced a rulemaking agenda for the upcoming months, which involves broad proposals to revamp cryptocurrency regulations, and reduce rules that the Wall Street believes to be “overly burdensome.” The SEC outlined several initiatives to overhaul cryptocurrency policies. This included proposing rules about the offer and sale of digital assets, which the SEC said could potentially include certain exemptions and safe harbors.
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The SEC also stated it would consider amending its rules so that crypto can be traded on national securities exchanges and alternative trading systems. If these policies are enacted, it would be a major win for the crypto industry. The SEC also plans to propose a plan for “rationalization” of disclosures.
In late July, a group charged by Trump with recommending policies on crypto markets called on federal regulators to use their authority to provide more clear rules on the trading of digital assets and ease the adoption of new financial products. “By implementing these recommendations, policymakers can ensure that the United States leads the blockchain revolution and ushers in the Golden Age of Crypto,” the White House said in a fact sheet on the report from the “Working Group on Digital Asset Markets.”
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On his campaign trail last year, President Donald Trump had courted the crypto industry by pledging to be a “crypto president,” and promote digital assets. This is a departure from his predecessor Joe Biden’s regulators, which cracked down on the industry in a bid to prevent fraud and money laundering. The Biden administration’s SEC sued exchanges Coinbase, Binance, and dozens more, alleging they were breaking the law. The SEC under the Trump administration has since dropped those cases.
Last month, Bitcoin saw a major win, having crossed $124,000 for the first time. This marked a major milestone in its months-long rally. Bitcoin’s rise has been fueled by a friendlier regulatory approach under the Trump administration and growing interest from big investors, helped by the approval of crypto ETFs. Ether has also been on a strong run, climbing about 87% in the past three months and now approaching its own record high.