CFTC Prepares to Regulate Entire Cryptocurrency Market

The US Commodity Futures Trading Commission (CFTC) is poised to take on responsibility for regulating the entire cryptocurrency market, according to Chairman Michael Selig. This move comes as global stock markets and cryptocurrencies experienced a decline following a nationwide televised address by US President Donald Trump regarding the conflict with Iran.

The CFTC has implemented policies indicating a more relaxed enforcement and regulatory stance toward digital assets compared to the previous administration. The agency has signed a Memorandum of Understanding (MoU) with the Securities and Exchange Commission (SEC) to coordinate regulatory efforts, including those related to digital assets.

Meanwhile, the US Department of the Treasury released its first draft implementation rule for the GENIUS Act, seeking public comments on state-level regulatory frameworks for small stablecoin issuers. The proposal aims to clarify that stablecoin issuers with issuance volumes below $10 billion may opt for state regulation over full federal oversight.