CFTC Launches "Crypto Sprint"
Commentary by Gage Raju-Salicki
The CFTC launched a "crypto sprint" to implement the recommendations of the President's Working Group on Digital Asset Markets. (See previous coverage.)
The agency highlighted that, since January 2025, the CFTC: (i) held its first Crypto CEO Forum; (ii) withdrew outdated staff advisories (see previous coverage); (iii) issued new guidance for crypto and digital asset firms (see previous coverage); and (iv) requested comment on two emerging features of crypto markets: 24/7 trading and perpetual derivatives (see previous coverage.)
Acting Chair Caroline D. Pham said the CFTC would work with SEC Chair Paul Atkins and Commissioner Hester Peirce on its initiative, known as "Project Crypto." (See previous coverage.)
Commentary
It looks like all regulatory eyes are on crypto for the time being. Mirroring the SEC’s "Project Crypto," the CFTC is initiating its own "Crypto Sprint." The CFTC’s initiative to explore spot trading crypto asset contracts on CFTC-regulated exchanges seems to be part of this, as does considerations around perpetual futures and 24/7 trading.
When paired with SEC Chair Paul Atkins’ vision of traditional assets being brought on-chain, there is an undeniable trend from both regulators toward tokenization. For the CFTC, this may look slightly different—with perpetuals and DCM 24/7 trading being a start—but the core principles are nevertheless present. Moreover, if the majority of tokens are ultimately held to be commodities, either by courts or legislation, then the CFTC may become an even more critical agency for crypto rulemaking.
For entities considering crypto derivatives, spending some time engaging with the CFTC during its Crypto Sprint would be smart.
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The CFTC Divisions of Market Oversight, Clearing and Risk, and Market Participants requested comment on the regulatory treatment and market implications of "perpetual derivatives contracts."