The Commodity Futures Trading Commission (CFTC) has initiated the third phase of its “crypto sprint,” a series of expedited rulemaking efforts aimed at implementing the recommendations presented by the President’s Working Group on Digital Asset Markets. As of 2025, the administration has underscored the urgency of establishing a framework for the immediate trading of digital assets at the federal level. Acting CFTC Chair Caroline Pham emphasized this priority in a recent statement.
This latest phase not only focuses on spot crypto trading but also seeks to address all remaining recommendations from the working group’s report, which aims to bolster American leadership in technologies such as cryptocurrency and digital assets. Andrew Rossow, a public affairs attorney and CEO of AR Media Consulting, noted that the CFTC appears to be establishing a regulatory foundation to create a unified federal-level spot market for crypto assets. He remarked, “It begins to address this state-by-state fragmentation and long-time occupancy of this grey zone,” indicating a significant shift towards a more cohesive regulatory environment.
“The U.S. is asserting control over digital dollars and setting the standards others may follow,”
Rossow further highlighted that retail investors could significantly benefit from enhanced protections as the “federal handcuffs” are lifted, potentially restoring trust in a sector that has historically suffered from inadequate oversight. The report aims to provide a unified federal framework for digital asset markets, addressing critical gaps in market structure, custody, stablecoin regulation, and anti-money laundering standards.
Looking ahead, the CFTC plans to tackle unresolved issues such as decentralized finance (DeFi) oversight, banking access, tax clarity, and inter-agency coordination in the remaining sprints. This third sprint follows two previous phases: the first, initiated on August 1, established the framework, while the second, launched on August 4, focused specifically on the spot trading initiative. The forthcoming fourth sprint is anticipated to formalize stakeholder feedback into actionable rules and supervisory guidance.
The CFTC has set a deadline of October 20, 2025, for public comments regarding the broader set of recommendations. As the agency continues its efforts to regulate the digital asset space, it aims to position the United States as a leader in this rapidly evolving sector. The CFTC did not respond to requests for comments from Decrypt regarding this initiative.
In conclusion, as the CFTC moves forward in this ambitious regulatory endeavor, it seeks to create a regulatory landscape that promotes innovation while ensuring investor protection. The outcomes of these efforts will likely influence not only the U.S. market but also set a precedent for other countries considering similar frameworks.
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