CFTC Scraps ‘Outdated and Overly Complex’ Crypto Guidance as U.S. Regulations Evolve

The Commodity Futures Trading Commission (CFTC) has granted operators of Polymarket, PredictIt, Gemini, and LedgerX the ability to bypass certain recordkeeping requirements, allowing them to operate with more flexibility under federal regulations.

The Commodity Futures Trading Commission (CFTC) has withdrawn its outdated crypto delivery guidance as part of a broader effort to reform regulations surrounding digital assets. This decision reflects the need for updated frameworks that align with the evolving cryptocurrency market and its complexities.

The U.S. Senate is approaching a final vote on the confirmation of key officials at the Commodity Futures Trading Commission (CFTC) and the Federal Deposit Insurance Corporation (FDIC), with the vote expected early next week. This follows a series of procedural steps that have characterized the lengthy confirmation process.

Senators are expected to vote on Michael Selig's nomination to lead the Commodity Futures Trading Commission (CFTC), which could result in the departure of acting Chair Caroline Pham. This vote is seen as a significant step in reshaping the leadership of the CFTC, an agency that plays a crucial role in regulating the derivatives markets, including cryptocurrency.

Bitcoin's price has recently experienced a decline, dropping from $94,000 to below $90,000, as it struggles to maintain its value amidst ongoing Federal Reserve rate cuts. This downturn reflects a broader bearish sentiment in the cryptocurrency market, where traders are cautious following recent volatility.

Klarna, the Swedish fintech company, has announced a partnership with Privy, a Stripe-owned entity, to develop features for crypto wallets, following its recent launch of the KlarnaUSD stablecoin. This collaboration aims to enhance the integration of cryptocurrency within Klarna's ecosystem.

Satsuma Technology has sold 579 of its 1,199 Bitcoin holdings, raising approximately £40 million as it prepares for a planned uplisting on the London Stock Exchange. This strategic move comes alongside significant changes in the company's board structure, indicating a shift in its operational focus.

Gemini has received regulatory approval from the Commodity Futures Trading Commission (CFTC) to launch prediction markets in the United States through its subsidiary, Gemini Titan. This license allows US customers to engage in event contracts, which are simple yes/no bets on future events.