CFTC Launches Next Phase of ‘Crypto Sprint,’ Opens Public Comment Period

The U.S. Commodity Futures Trading Commission has launched the next stage of its “Crypto Sprint” initiative, opening public consultation on federal digital asset regulation and signaling deeper coordination with the SEC. The U.S. CFTC confirmed Thursday that it is moving forward with the next phase of its “Crypto Sprint”. This initiative, first announced earlier this month, aims to accelerate regulatory action in the crypto sector. According to the agency, the new phase will focus on implementing additional recommendations from the President’s Working Group on Digital Asset Markets. Public Engagement Now Open Acting Chair Caroline Pham emphasized that stakeholder participation will be central to the next stage of the program.  The CFTC has invited comments from the public, industry leaders, and financial institutions on how best to apply the report’s proposals. Feedback will be accepted until October 20, 2025, giving market participants just under two months to contribute their views. Pham noted that responses will help the commission address complex issues. Among these are challenges related to leveraged or margined retail trading on regulated exchanges. This announcement follows the rollout of the program’s first phase on August 4, 2025. That stage focused narrowly on allowing the trading of spot crypto asset contracts on exchanges registered with the CFTC. The expansion now signals that the regulator is preparing to look beyond spot markets and into broader aspects of digital asset regulation. Federal Priority on Digital Assets Pham highlighted that the Trump Administration views federal oversight of digital assets as an urgent priority. She explained that the goal is to strike a balance between innovation and safeguards. By doing so, crypto markets can grow responsibly under U.S. law. “The Administration has made it clear that enabling immediate trading of digital assets at the federal level is a top priority,” Pham stated. Areas of Focus in Next Stage While the CFTC did not release full details of the next stage, the working group’s report suggests possible directions. Topics under review may include registration of exchanges, custody of digital assets, standardized trading practices, and record-keeping obligations. Industry experts anticipate that inter-agency coordination will be a key feature, with joint efforts aimed at reducing regulatory gaps and conflicts. Collaboration With SEC A key element of the recommendations is closer coordination between the CFTC and the Securities and Exchange Commission (SEC). The SEC, under Chair Paul Atkins, recently launched “Project Crypto”, an initiative to modernize securities regulations for blockchain-based markets. Atkins has described the project as a step toward future-proofing American markets and ensuring global competitiveness in digital financial systems. SEC’s Position on Crypto Tokens Earlier this week, Atkins argued that only a small fraction of crypto tokens fall under securities law. He stressed that regulators should encourage innovation while preventing harmful practices in digital markets. According to Atkins, the SEC aims to design a framework that reduces uncertainty and avoids unnecessary restrictions on the industry. Together, the CFTC’s “Crypto Sprint” and the SEC’s “Project Crypto” highlight Washington’s growing urgency to regulate digital assets. The combined efforts suggest a future where crypto markets may finally receive clearer federal rules on trading, custody, and investor protection.