CFTC Bypasses Congress with Cryptocurrency Rulemaking Filing

The Commodity Futures Trading Commission (CFTC) has filed new rulemaking measures with the White House, bypassing Congress in its effort to regulate cryptocurrencies.

This move comes after the U.S. Senate blocked the CLARITY Act from moving forward.

The CFTC's 'Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets' measure was filed with the Office of Information and Regulatory Affairs (OIRA) under the Office of Management and Budget overseeing federal regulations.

OIRA has 10 working days to review the preliminary action and 90 days for proposed and final rules.