ValueVerse and GBBC Release CFTC Digital Assets Taxonomy Comparison Report
Published
On Wednesday, March 6th, the recommendations and publication of the Digital Asset Classification Approach and Taxonomy presented by the Digital Asset Markets Subcommittee (DAMS) workstream on taxonomy during the U.S. Commodity Futures Trading Commission (CFTC) Global Markets Advisory Committee (GMAC) meeting was passed by majority vote and adopted.
This is significant for four reasons, as it:
Reflects a consensus approach amongst stakeholders;
Focuses on the functionality of each category of digital asset;
Calls for regulatory collaboration;
Recognizes the need for global coordination.
The Digital Asset Classification Approach and Taxonomy adoption is critical as companies operating both in the U.S. and the EU may need to adapt their business, operational, and profitability models if the regulatory frameworks across the Atlantic diverge for tokens performing similar activities.
ValueVerse - Digital Finance Strategy Group and Global Blockchain Business Council (GBBC) have prepared a report to compare the proposed taxonomy of the U.S. CFTC with the taxonomy of the EU, aiming to identify the points that the two taxonomies converge or diverge.
Access the report here to explore how the two approaches are similar, where they are not, and where it is not yet clear.
Thank you to the ValueVerse and GBBC teams for compiling this report, Dr. Max Bernt, Dimitrios Psarrakis, Jacques Bughin, Sandra Ro, Diana Barrero Zalles, and Emma Joyce