a16z Crypto: CFTC Should Clarify Rules for Blockchain Protocols and Applications

Jinse Finance reported that a16z Crypto stated that the U.S. Commodity Futures Trading Commission (CFTC) should clarify the rules for blockchain protocols and applications to protect developers. In August, the CFTC launched the "Crypto Sprint" initiative aimed at providing regulatory guidance for the digital asset market and promoting innovation. a16z Crypto believes that the CFTC should explicitly declare that blockchain networks, smart contract protocols, and their developers are not subject to the registration requirements of the Commodity Exchange Act (CEA), and should provide no-action relief and/or interpretive guidance to clarify under what circumstances applications do not constitute activities requiring CFTC registration. At the same time, the CFTC should also conduct formal rulemaking and/or adopt exemption relief measures to provide safe harbor or innovation exemptions.