CFTC Moves Ahead with Cryptocurrency Regulation Proposal Despite Clarity Act Stalemate

The Clarity Act, aimed at creating a comprehensive legal framework for cryptocurrency markets in the US, failed to pass a procedural vote in the Senate this week.

Meanwhile, the U.S. Commodity Futures Trading Commission (CFTC) has submitted a new proposal to the White House to regulate cryptocurrency trading and markets.

The proposal was received on September 17 and is currently under review by the Office of Information and Regulatory Affairs within the White House Office of Management and Budget.

CFTC Chairman Michael Selig previously stated that he instructed staff to 'develop ways to formalize the digital asset market structure using the agency's existing legal authority, independently of congressional legislation.'