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The Commodity Futures Trading Commission (CFTC), a leading financial regulator in the United States, has commenced gathering public opinions on transitioning to a continuous trading model for certain cryptocurrencies, including Bitcoin 
$104,017. This initiative arises from the increasing trading volumes and pressures created by rapidly evolving technology. The goal is to reach a consensus on how the continuous trading infrastructure should be shaped for both technology firms and market participants. However, this transition may entail significant restructuring concerning regulations and market infrastructures.
Demand for Continuous Trading Grows
In its announcement, the CFTC emphasized that technological advancements and user demands compel markets to remain open 24/7. The institution pointed out that traditional market hours have become inadequate, seeking discussions on supporting infrastructures for this shift. Firms are expected to update their technical infrastructures to ensure trading continuity while calculating potential maintenance costs and operational risks beforehand.
The CFTC’s public comment request also explores ways to implement the continuous trading model while maintaining market integrity. Key concerns include cybersecurity measures, system resilience, and the sustainability of auditing processes. Additionally, this model necessitates new regulations across various domains, from workforce management to infrastructure technology.
Spot Market Authority Remains with the SEC
While the CFTC’s move aims at modernizing derivatives products in the cryptocurrency market, the authority over spot market transactions remains with the SEC. Thus, for the CFTC to directly intervene in this area, existing laws would need to change. This distinction clearly outlines the jurisdictional boundaries between the two agencies in the market regulation process.
Caroline Pham’s statements illustrate the institution’s efforts to adopt an innovative perspective for the future. Pham suggests that the CFTC must learn from the transformations in market structure to build a resilient and vibrant system for all participants. The CFTC’s call may open doors for sector players to develop new approaches that not only focus on technical aspects but also on governance considerations.
