CFTC Seeks Public Comments on 24/7 Trading for Derivatives Market
Bitcoin is classified as a commodity by U.S. regulators, placing it under the Commodity Futures Trading Commission (CFTC). The CFTC is currently seeking public comments on the potential for around-the-clock trading in derivatives, similar to current practices for Bitcoin and other digital assets.
Key points include:
- The CFTC aims to establish itself as a crypto market regulator amid ongoing legislative efforts.
- Comments requested do not specifically address oversight of digital assets.
- Technological advancements and market demand are driving the need for continuous trading capabilities.
- Challenges include governance frameworks, exchange staffing models, and ensuring market integrity during extended hours.
- A change in law is required for the CFTC to directly oversee spot-market trading of Bitcoin and tokens that are not classified as securities.
Acting Chairman Caroline Pham emphasized the importance of adapting to market structure changes to maintain vibrant markets and protect participants.