The U.S. SEC and CFTC advance regulatory plans for the cryptocurrency industry and prediction markets

According to Bloomberg, the two main regulatory agencies on Wall Street are advancing regulatory plans for the cryptocurrency industry and the rapidly growing prediction markets.

The U.S. Securities and Exchange Commission (SEC) has submitted a committee-level guidance to the White House Office of Information and Regulatory Affairs, concerning "the applicability of federal securities laws to certain types of crypto assets and specific transactions involving crypto assets." This guidance may establish a token classification standard for crypto assets, clarifying which tokens fall under the SEC's jurisdiction. The Commodity Futures Trading Commission (CFTC) has also submitted a measure regarding prediction markets to OIRA, as the agency is considering new regulations for the industry, including issuing a proposed rulemaking notice.

The SEC Chairman stated that the agency will consider providing interpretive guidance around the classification of crypto asset tokens to ensure that investors and innovators clearly understand their regulatory obligations. The CFTC Chairman had previously announced plans to establish new regulations for prediction markets.