CFTC Pushes Ahead with Crypto Rulemaking Without Congressional Support
The Commodity Futures Trading Commission (CFTC) has sent its proposed rulemaking for crypto assets to the White House for review. The agency filed 'Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets' with the Office of Information and Regulatory Affairs, a division within the Office of Management and Budget that reviews federal regulations before publication.
The CFTC declined to comment on details about the proposed rulemaking. However, CFTC Chair Michael Selig has previously stated that he would 'utilize its existing authorities to begin establishing a regime for crypto asset markets' if the Clarity Act stalls.
This move comes after the Clarity Act, a sweeping bill that would have comprehensively regulated the digital asset industry at the federal level for the first time, failed in the Senate during a procedural vote on Tuesday. Key Democratic negotiators cited ethics concerns as their main reason for opposing the bill, due to Trump's crypto wealth tied to World Liberty Financial and his memecoin.
The CFTC has also issued a 'no-action position' for software developers, stating it would not recommend enforcement action against them for not registering as introducing brokers if certain conditions are met.