CFTC withdraws old crypto rules to modernize market oversight

The Commodity Futures Trading Commission (CFTC) recently decided to withdraw outdated and overly complicated guidelines regarding the delivery of digital assets. Caroline Pham, the acting Chair and commissioner of CFTC, hinted at this decision.

The move follows the recent publication of a list comprising the first members of its CEO Innovation Council. Sources close to the situation revealed that this council was established to review transformations in the derivatives market, with a specific focus on cryptocurrency, tokenization, and blockchain technology.

Notably, some of the major crypto industry CEOs joining this council include Shayne Coplan from Polymarket, Tyler Winklevoss from Gemini, and Arjun Sethi from Kraken. Leaders from prominent companies, including Nasdaq, Intercontinental Exchange, CME Group, and Cboe Global Markets, will accompany them.

This team of CEOs was formed over a period of just two weeks. According to Pham, the focus will primarily be on advancements in sectors such as derivatives markets connected to crypto assets, 24/7 trading, perpetual contracts, prediction markets, and blockchain infrastructure.