CFTC Sends Crypto Market Framework to White House for Review

The Commodity Futures Trading Commission (CFTC) has submitted its proposed framework for crypto transactions and markets to the White House for review. This move comes two days after the Senate failed to advance the CLARITY Act in a 49 to 50 procedural vote.

CFTC Chair Michael Selig had directed staff to develop a crypto market framework using the agency's existing authority, and the proposal must return to the CFTC for a vote before publication and public comment. The White House review process may result in changes to the measure before it is returned to the commission.

The filing begins an executive review process that could lead to revisions before the measure is returned to the commission. Once OIRA completes its review, the proposal can be returned to the CFTC with potential revisions, and a final rule would require another commission vote before taking effect.