CFTC Seeks White House Review on Crypto Rule Proposals
The US Commodity Futures Trading Commission (CFTC) has made progress on developing new rules for crypto markets, despite the Senate's rejection of the CLARITY Act. The agency submitted a rulemaking package to the White House for review, which is a crucial step in establishing a dedicated structure for digital assets.
The CFTC Chairman, Michael Selig, had previously stated that the agency was exploring how its powers could be used to regulate crypto markets. With this move, the CFTC can now pursue parts of a crypto framework under its existing authority without waiting for Congress to resolve the wider legislative debate.
Following White House review, the CFTC will publish the proposal and seek public comments before moving towards a formal rule. A final law would require another review and comment process before taking effect.