Trump’s Crypto Vision Takes a Leap: CFTC’s ‘Crypto Sprint’ Phase 2 🚀

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Key Takeaways

In a world where the future of digital assets is as uncertain as the weather in St. Petersburg, the U.S. Commodity Futures Trading Commission (CFTC) has embarked on the second phase of its ‘Crypto Sprint’ to bring clarity and order to the chaos. This initiative, one might say, is a desperate attempt to align with the grand visions of the former President, Donald Trump, who once believed that cryptocurrencies could solve all the world’s problems-or at least make his Twitter feed more interesting. 🤔

The CFTC, ever the diligent servant of the state, has now opened the floodgates for public comments on the implementation of the President’s Working Group on Digital Asset Markets. Acting Chair Caroline Pham, in her usual eloquent manner, emphasized the importance of public input, stating:

“The public feedback will assist the CFTC in carefully considering relevant issues for leveraged, margined, or financed retail trading on a CFTC-registered exchange as we implement the President’s directive.”

Trump’s crypto agenda

The report, released in late July, recommended two main actions. First, the acceleration of a comprehensive market structure bill via Congress-a task as daunting as convincing a Russian winter to turn into spring. Second, the CFTC and the SEC are to collaborate, integrating decentralized finance (DeFi) and crypto into the mainstream financial markets-like trying to fit a square peg into a round hole, but with more paperwork.

The first “Crypto Sprint” invited public input on a unified license for both spot and futures crypto trading, a proposal that closed on August 18th, much to the relief of those who had been drowning in a sea of comments. The second phase, set to conclude by October 20th, promises more of the same-though perhaps with a bit more finesse and a lot less existential dread.

In parallel, the CFTC is working closely with the SEC through its “Project Crypto” initiative, a joint effort that reflects the agencies’ shared oversight responsibilities under the CLARITY Act. This act, which governs digital asset regulation, is as clear as mud, but it’s the best they’ve got.

Moonpay’s President, Keith Grossman, hailed the move, calling it the best way forward to craft a ‘rational’ and ‘transparent’ framework for the sector. One can only hope that rationality and transparency are not as elusive as a happy ending in a Dostoevsky novel.

Following the public input, the agency will release guidance on how stakeholders should operate under the unified crypto spot and derivatives trading license. This will include tackling the thorny issue of classifying crypto assets as commodities or securities-a debate as old as the question of whether Ivan Karamazov truly killed his father.

221A Consulting in Crypto, ever the voice of reason, recommended implementing a leverage limit to protect retail investors. They also called for clearer definitions distinguishing commodities from securities, a task that might as well involve translating the Bible into Klingon.

The Commission plans to issue a new directive aligned with the second initiative, even as the Senate continues drafting the broader market structure bill. Some experts, like the ever-optimistic Jake Chervinsky, a prominent legal expert, noted that issuing targeted guidance may be more effective than relying on the more contentious market structure framework. One can only hope that this time, the guidance will be as clear as a sunny day in Moscow-though we know better, don’t we?

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2025-08-22 19:10