CFTC advances crypto rule proposals after CLARITY Act setback
The US derivatives regulator has submitted a crypto market rulemaking package for White House review.
U.S.- The Commodity Futures Trading Commission (CFTC) has taken the first administrative step towards developing new rules for crypto markets, days after the US Senate rejected the Digital Asset Market CLARITY Act. The agency submitted its rulemaking package to the Office of Information and Regulatory Affairs (OIRA) on September 17.
The filing, titled “Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets,” is still in its early stages, with the proposal not yet publicly available. The Senate voted 49-50 against advancing the CLARITY Act on September 15.
The agency can now pursue parts of a crypto framework under its existing authority rather than waiting for Congress to resolve the wider legislative debate. CFTC Chairman Michael Selig said in August that the agency was examining how its powers could be used to establish a dedicated structure for digital assets.
Following White House review, the CFTC would have to publish the proposal and seek public comments before moving towards a formal rule. A final law would require another review and comment process before taking effect.
