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The U.S. Commodity Futures Trading Commission (CFTC) launched the third phase of its “Crypto Sprint” initiative on August 21, 2025, inviting public feedback to craft clear regulations for digital asset trading, custody, and compliance. This move aligns with the Trump administration’s push to make the U.S. a global crypto hub, as outlined in a 168-page White House report. The comment period, open until October 20, 2025, aims to balance innovation with investor protection.
Acting Chair Caroline Pham emphasized collaboration with the SEC’s Project Crypto, focusing on spot trading, custody, and leveraged retail trading. The initiative builds on the CFTC’s August 4 launch, which proposed allowing spot crypto trading on regulated futures exchanges like CME under Section 2(c)(2)(D) of the Commodity Exchange Act and Part 40 regulations. Feedback will address asset classification, custody safeguards, and anti-fraud measures, ensuring market integrity amid Bitcoin’s $113,000 price and a $3.8 trillion crypto market cap.
The CFTC seeks input from exchanges, investors, and startups to address regulatory gaps, reduce offshore trading reliance, and clarify commodity-security distinctions. This follows a Crypto CEO Forum and new guidance on 24/7 trading and perpetual derivatives. Industry leaders like Ray Youssef of NoOnes praise the shift from enforcement to enablement, positioning the U.S. to set global standards.
Challenges remain, including potential SEC-CFTC jurisdictional overlaps and the delayed confirmation of Trump’s CFTC chair nominee, Brian Quintenz. With only two commissioners, the CFTC’s capacity is strained, yet the sprint underscores urgency. Public comments will shape rules, fostering a robust U.S. crypto ecosystem.
