CFTC Crypto Sprint Initiative Enters Second Phase, Calls for Public Feedback

August 22, 2025 – The Commodity Futures Trading Commission (CFTC) has launched the next stage of its Crypto Sprint initiative, seeking public input on how to better regulate spot and retail crypto trading. The move aligns with the Trump administration’s push to establish clear federal oversight of digital assets.

Public Feedback on Crypto Rules

Acting Chair Caroline Pham announced on Thursday that the agency will collect feedback from crypto market participants until October 20, 2025. The input will help the CFTC shape rules for leveraged, margined, or financed trading on registered exchanges.

Pham said the initiative is central to delivering the administration’s crypto roadmap. “Public engagement is key to building safe and efficient digital markets,” she noted.

From Spot Trading to Wider Oversight

Earlier this month, the CFTC began the first phase of the Crypto Sprint initiative, focused on enabling spot crypto trading on registered futures exchanges. The second phase will expand to cover other recommendations from the President’s Working Group report, which outlined 18 proposals for U.S. crypto regulation.

These include:

• Guidance on when cryptocurrencies qualify as commodities.
• Registration pathways for decentralized finance (DeFi) firms.
• Updated rules to cover blockchain-based derivatives.
• Coordination with the Securities and Exchange Commission (SEC) on custody, trading, and recordkeeping.

SEC and Inter-Agency Efforts

The CFTC’s next phase will likely require closer cooperation with the SEC, which recently launched its own Project Crypto. SEC Chair Paul Atkins said the project aims to modernize securities rules and ensure America’s financial markets can “move on-chain.”

Atkins also stated that most crypto tokens should not be treated as securities, signaling an effort to align regulation with innovation rather than restrict it.

Political Context

The launch follows President Donald Trump’s pledge to make the U.S. a leader in digital assets. His administration’s 166-page policy framework stressed the importance of federal-level trading access for cryptocurrencies.

Meanwhile, Trump’s nominee for permanent CFTC Chair, Brian Quintenz, awaits Senate confirmation. Several advocacy groups have urged quick approval, arguing that strong leadership is vital for implementing the agency’s crypto goals.