CFTC Advances Crypto Rulemaking Proposal After Clarity Act Fails

The Commodity Futures Trading Commission (CFTC) has taken a significant step towards regulating the crypto market, sending a proposal on crypto market rules to the White House budget office for review. The move comes after a Senate vote last week failed to advance the CLARITY Act, which aimed to create a comprehensive federal framework for digital assets.

CFTC Chairman Michael Selig had previously stated that his commission would use its existing statutory authorities to help President Trump deliver a future-proof crypto asset regulatory market structure. The CFTC's proposal, titled 'Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets,' went to the Office of Information and Regulatory Affairs (OIRA) for review.

The OIRA is responsible for vetting federal regulations before they can be published. While a sign-off from the OIRA does not make the CFTC's proposal a final rule, it is a major step towards codifying a CFTC market structure for crypto assets using existing authorities.