CFTC launches second round of encryption regulatory sprint plan, spot trading regulatory framework is about to land | Trump's digital financial strategy enters implementation phase

The acting chair of the Commodity Futures Trading Commission (CFTC), Carolyn Fan, announced the immediate launch of the second round of the "crypto regulation sprint program," focusing on advancing a federal regulatory framework for Spot crypto asset trading. This program is based on policy recommendations from the President's Working Group on Digital Asset Markets and will create regulatory synergy with the SEC's "crypto project," with plans to complete public consultation by October 20. This means that the Trump administration's strategy to position the U.S. as a leader in digital finance is entering a substantial implementation phase, which will bring an institutional-level regulatory framework to the crypto market.

[Regulation Accelerates: CFTC Advances Dual-Track Crypto Regulatory System] On August 22, the acting chairman of the CFTC, Ben Shanshan, announced the launch of the second round of regulatory sprint plans, focusing on:

• Development of federal-level rules for Spot Crypto Assets trading
• Leverage trading, margin trading, and financing trading risk management
• Retail investor protection measures in regulated exchanges
• Design of a global regulatory framework for the digital asset market

This action continues the first round of the special program launched earlier this month (focusing on Spot trading rules), forming a dual-track regulatory situation. Fan Zhishan emphasized: "This marks the beginning of a new era for the industry, and market participants must seize the opportunity of this 'innovative golden age.'"

[Policy Background: The Strategic Roadmap of the President's Task Force] This regulatory action is a direct response to the policy report by the President's working group on the digital asset market, "Strengthening the U.S. Leadership in the Digital Financial Technology Sector." The report proposes a roadmap to balance innovation and regulation:

1. Establish a federal-level Spot market regulatory system
2. Establish institutional-level digital asset custody standards
3. Improve the cross-border payment regulatory framework
4. Promote the research and development of central bank digital currency

It is worth noting that the CFTC and SEC have formed a regulatory synergy regarding "crypto projects" to jointly implement President Trump’s policy directive that "America must seize leadership in digital finance." This multi-regulatory model not only prevents excessive concentration of power but also leverages their respective areas of expertise.

[Time Node: Public Consultation Window Before October 20] CFTC has opened important participation channels:

• The public consultation period ends on October 20, 2025
• Receive feedback from industry leaders, investors, and innovators through the official website
• Focus on assessing the balance between risk control and innovation opportunities.

Fan Zhishan emphasized: "Collaboration with the SEC, market participants, and the White House is crucial for maintaining America's global competitiveness." This open attitude marks a shift in regulatory thinking from "risk prevention" to "promoting innovation."

[Regulatory Focus: Balancing Complex Risks and Innovation Space] According to the information disclosed by the CFTC, this round of regulation will focus particularly on: • Leverage trading risk control: Design risk control indicators based on the volatility characteristics of derivative trading. • Margin management system: Establish collateral standards comparable to traditional bulk commodities. • Retail investor protection: Establish suitability requirements and risk disclosure standards. • Exchange Regulation: Establish standards for market manipulation prevention and trading monitoring.

These measures aim to both protect investors' interests and not stifle market innovation. The report specifically points out that "excessively conservative regulation may lead to the U.S. losing its leadership in digital finance."

[Market Impact: The entry threshold for institutional funds has decreased] The clarification of the regulatory framework will have multiple market effects:

1. Institutional investors obtain a clear compliance path
2. The Spot Exchange is entering the license application window.
3. Cross-border payment companies receive policy support
4. The demand for digital asset custody services has surged.

Analysts believe that the CFTC's proactive stance may accelerate institutional investment in digital assets. Currently, over 200 traditional hedge funds have applied for CFTC trading licenses, and institutions such as Goldman Sachs and JPMorgan are developing related products.

[Global Competition: Differentiation in Regulatory Paths between China and the U.S.] The acceleration of U.S. regulation is happening against the backdrop of intensifying global digital finance competition:

• The pilot of China's central bank digital currency has expanded to 40 cities.
• The EU MiCA Regulation is fully implemented
• Singapore releases guidelines for tokenized funds
• Brazil promotes national encryption reserve plan

The regulatory model of the CFTC reflects American characteristics: it maintains market freedom while controlling risks through institutional regulation. This contrasts with China's "strict control" and the EU's "comprehensive regulation" model.

[Conclusion] The launch of the second round of regulatory sprint plans by the CFTC marks a significant transition for U.S. crypto regulation from policy discussions to the substantive stage of rule-making. For market participants, the consultation period before October 20 is a critical window that will influence the future regulatory framework. Exchanges, institutional investors, and project parties are encouraged to actively participate in feedback to collaboratively shape a regulatory environment conducive to innovation. With the implementation of the Spot trading regulatory framework, the U.S. crypto market is expected to welcome large-scale institutional capital influx, potentially reshaping the global digital financial landscape.