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The CFTC of the U.S. issued a warning about foreign exchanges catering to U.S. residents under the FBOT framework. Curious. The pros do not seem very convinced that this will bring back offshore exchanges.
The problem is complex. Traditional rules do not fit well with cryptos. It's like trying to fit a square peg into a round hole. And that thing about requesting FBOT status... complicated if you don't already have regulation in your country.
Many are calling for a crypto market law in Congress. Something more stable, that doesn't change every time there is a new government. It makes sense.
The current government wants to renew the crypto rules. Ambitious. They seek for the U.S. to lead the sector. They have proposed several things, such as having the SEC and the CFTC supervise together.
Agencies are talking about collaborating more. They are even considering 24/7 markets for all types of assets. Imagine Wall Street without breaks, no weekends. A radical change.