The CFTC has launched the "Encryption Sprint" program, proposing to allow futures exchanges to list spot contract trading, promoting a unified regulatory framework.

The Commodity Futures Trading Commission (CFTC) announced the launch of the "Crypto Sprint" initiative, aimed at ultimately allowing Spot encryption contracts to be traded on regulated exchanges (DCM). Acting Chair Caroline Pham stated that this move is part of a collaboration with the SEC to provide clarity in industry regulation, and invited stakeholders to submit comments by August 18 on "how to utilize existing authorizations to list spot encryption asset contracts on DCM." This initiative will break the current situation where Spot and futures trading are under different regulatory entities (such as CME), allowing a single exchange to provide both types of services within a federally unified regulatory framework. Perianne Boring, founder of the crypto advocacy organization Digital Chamber, pointed out that this move helps clarify the Token commodity attributes definition and aligns with the dual-track regulatory model envisioned by the CLARITY Act. This policy direction, along with the SEC's recent proposal that "crypto ETFs must first trade futures for 6 months," collectively shows that authorities are pushing for a more streamlined encryption regulatory process.

CFTC promotes 'Crypto Sprint': Futures exchanges may trade Spot contracts

The Commodity Futures Trading Commission (CFTC) announced the "Crypto Sprint" plan, which will ultimately allow Spot encryption contracts to be traded on approved exchanges.

CFTC acting chair Caroline Pham stated in a statement that this move is part of a broader effort to provide greater regulatory clarity for the industry in collaboration with the Securities and Exchange Commission (SEC). She added:

"Starting today, we invite all stakeholders to work with us to provide regulatory clarity on how to leverage existing powers to launch spot encryption asset contracts on the Designated Contract Market (DCM)."

In other words, DCM will allow a single exchange to provide spot and futures trading under the same environment and regulatory framework. Stakeholders must submit their opinions before August 18.

Promote Streamlined Encryption Regulation: Unify Spot and Futures Trading Framework

Currently, from a regulatory perspective, the leading CEX platforms in the United States are viewed as independent entities for Spot trading and futures trading.

As a user, you can seamlessly switch between different products on the CEX. However, at the underlying architecture, you are actually dealing with different entities.

This also applies to the Chicago Mercantile Exchange (CME), which primarily focuses on futures trading. Unlike the current model that requires separate licenses and entities, the CFTC's plan appears to have an open attitude towards offering both Spot and futures trading within a unified federal regulatory framework.

This move may also help the industry clarify which tokens are classified as commodities, as this is the core responsibility of the CFTC—stated Perianne Boring, founder of the crypto advocacy group Digital Chamber. This aligns with the dual-track regulatory model envisioned in the broader crypto regulatory framework known as the CLARITY Act.

In fact, just last week, the SEC released guidelines regarding the new encryption ETF listing standards, requiring an asset to be traded on the futures market for approximately 6 months before it can be considered for approval.

Regulatory Integration Signal: CFTC and SEC Collaborate to Promote Innovation

The CFTC's recent actions, along with the SEC's planned comprehensive reforms under 'Project Crypto' aimed at reflecting innovation, jointly confirm the current government's efforts to streamline industry regulatory processes.

However, the specific roles of regulatory agencies in this field will be defined more clearly in the yet-to-be-finalized CLARITY Act.

Conclusion: The CFTC's "encryption sprint" plan directly addresses the core pain point of the regulatory disconnection between Spot and futures trading. By authorizing DCM to launch Spot contracts, it takes a key step towards establishing a unified regulatory framework for encryption assets. The coordination with the SEC's new regulations and the progress of the CLARITY Act demonstrates that the U.S. is attempting to construct a clear path for dual-track regulation of commodities and securities. If implemented, the compliance costs for exchanges will be significantly reduced. However, how to coordinate the jurisdictional boundaries between the CFTC and SEC still requires final legislative clarification. Feedback from stakeholders before August 18 will influence the specific form of this regulatory innovation.