CFTC Presses Ahead With Crypto Rules Amid CLARITY Act Stalemate
The Commodity Futures Trading Commission (CFTC) is moving forward with its plans to provide regulatory clarity for the cryptocurrency industry, despite the stalled CLARITY Act. The CFTC has sent its proposed crypto rules, 'Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets', to the White House. This move comes after CFTC Chair Mike Selig signaled that the agency would continue with its agenda regardless of whether the CLARITY Act advances.
The CFTC's proposed rulemaking aims to provide a market framework for crypto transactions within the regulator's jurisdiction. The Office of Management and Budget has received the proposed rules, which border on crypto transactions and offer guidelines for the industry. Meanwhile, the SEC has also taken steps to provide regulatory clarity, issuing a 5-year innovation exemption for tokenized stocks.
The Bitcoin price has reacted positively to these developments, reclaiming the psychological $80,000 level amid a 5% increase today according to TradingView data. This comes despite the Bank of Japan's rate hike and the Federal Reserve's recent interest rate increase due to concerns over rising inflation.