CFTC Proposes Crypto Regulation Amid Congressional Gridlock
The crypto market has reacted positively to news that the Commodity Futures Trading Commission (CFTC) has filed a proposal for regulating crypto asset transactions and markets. This move comes as Congress stalls on comprehensive legislation, prompting regulators to step in with incremental measures.
The CFTC's proposal, titled Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets, is pending regulatory approval after being submitted to the Office of Information and Regulatory Affairs (OIRA). Although details are not yet available, this development aligns with the agency's plan to establish a regime for the crypto market.
The move follows Chairman Michael Selig's statement that the CFTC was 'ready to ship rules' after the Senate failed to advance crypto market structure legislation. Regulators began seeking relief rules to cover Congress's shortfall, including rolling out a no-action position for providers of passive software.
The crypto market responded positively to this news, with Bitcoin rising above $81,000, gaining 5.5% in the past 24 hours. Ethereum (ETH), XRP, and Solana (SOL) also gained 5%, 6.5%, and 10%, respectively.