CFTC to Present Crypto Framework by 2024
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The US Commodity Futures Trading Commission (CFTC) is planning to develop "a holistic framework" as part of its strategic plan for 2020-2024.

The regulator says the main goal of the framework is to promote responsible innovation in the cryptocurrency market.

"Most recently, the CFTC has granted DCM [designated contract markets] licenses for exchanges specializing in futures relating to digital assets," the regulator pointed out in its strategic plan.

The CFTC highlights that the national derivatives markets have experienced a digital transformation that can pose both opportunities and risks.

Market regulation needs to keep pace and even lead, as our mandate to encourage responsible innovation is important to the Nation, the watchdog added.

Recently, the CFTC announced it is ready to add futures of other currencies apart from bitcoin (EXANTE: Bitcoin). However, the Securities and Exchange Commission (SEC) is responsible for deciding whether a particular digital asset is a security or not, said CFTC Chairman Heath P. Tarbert.

CFTC Greenlights Bitnomial's BTC Futures and Options

In June, former Chairman of the CFTC, Christopher Giancarlo, said that XRP is not an "investment contract" and therefore not a security according to the SEC's Howey test.

According to Giancarlo and his current colleague Conrad Bahlke at law firm Willkie Farr & Gallagher, just like BTC and ETH are not considered as securities by the US regulators, XRP is "sufficiently decentralized to avoid regulation as a security."

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