CFTC Seeks Crypto Regulation Path with White House Proposal Submission

The Commodity Futures Trading Commission (CFTC) has submitted its own set of rules for crypto markets to the White House Office of Management and Budget (OMB) after the Senate failed to pass the Clarity Act earlier this week.

Details of the proposal are unclear, but it is expected to cover various aspects such as which assets would be included, what exchanges would need to comply, and any restrictions that may apply. The CFTC's submission comes amid ongoing efforts to provide clearer rules for the crypto industry under existing authority.

CFTC chair Mike Selig emphasized the agency's commitment to regulating the new frontier of finance, stating, 'The CFTC is locked in and ready to ship its rules for the new frontier of finance.'