CFTC Moves Forward with Cryptocurrency Regulation Despite Clarity Act Setback

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.

Despite the setback, 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, received by the Office of Information and Regulatory Affairs on September 17, is currently under review. While details are scarce, Bloomberg reports suggest that the CFTC aims to create a comprehensive regulatory framework for cryptocurrency transactions and digital asset markets.

CFTC Chairman Michael Selig had previously instructed staff to develop ways to formalize the digital asset market structure using existing legal authority, independently of congressional legislation.