CFTC Delivers on Promise, Sends Crypto Proposal to White House After Bill Fails

The Commodity Futures Trading Commission (CFTC) has taken swift action following the failure of a landmark digital asset bill in the Senate this week. The futures and swaps regulator, which would have become the primary regulator under the Clarity Act, sent a new proposal to regulate crypto transactions and markets to the White House for review on Thursday.

The proposal, aimed at regulating crypto markets and transactions, was received by the Office of Management and Budget on Friday. The move comes as the CFTC continues its efforts to establish clear rules for the crypto industry.

The failure of the Clarity Act in the Senate this week has not deterred the CFTC from pushing forward with its regulatory plans. The regulator had promised a swift response to the bill's demise, and it appears they are keeping that promise.