Bitcoin (BTC) and altcoins continue to hold strong despite the ongoing conflict between the US and Iran.
As the five-day deadline given by US President Donald Trump to Iran awaits to determine whether the next move will be an uptrend or a downtrend, a move in favor of cryptocurrencies has come from the US.
Accordingly, Michael Selig, Chairman of the US Commodity Futures Trading Commission (CFTC), announced today the establishment of an “Innovation Task Force.”
The task force aims to establish regulatory standards for innovative companies developing new products and technologies in the U.S. derivatives market.
The Innovation Task Force will create regulatory frameworks for several designated areas: “1) Cryptocurrency and blockchain technology, 2) Artificial intelligence and autonomous systems, 3) Prediction markets and event contracts.”
CFTC Chair Selig stated, “By creating a clear regulatory environment for companies driving innovation in new areas of finance, we can encourage responsible innovation and ensure that U.S. market participants don’t fall behind.”
The Innovation Task Force will be chaired by Michael J. Passalacqua, special advisor to President Selig.
The Innovation Task Force will work with the U.S. Securities and Exchange Commission (SEC) and the CFTC on innovation.
While the CFTC is taking steps in favor of cryptocurrencies, the SEC, another major US financial regulator, also clarified in guidance published last week that crypto assets like Bitcoin are commodities, not securities. It was also stated that 16 altcoins, including Ethereum (ETH), are not securities.
*This is not investment advice.