CFTC Sends Crypto Market Structure Rulemaking to White House
The Commodity Futures Trading Commission (CFTC) has sent its proposed rulemaking for crypto market structure to the White House for review, following the Senate's failure to advance the CLARITY Act.
The CFTC's filing, titled Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets, is currently at the prerule stage and does not disclose any details of the planned rules. The agency declined to comment on the matter.
CFTC Chair Michael Selig had previously stated that he directed staff to begin exploring rules to codify a CFTC market structure for crypto assets using the agency's existing authorities, in case the CLARITY Act failed to pass.
The proposal will now undergo review at the Office of Management and Budget before potentially facing revisions and eventually being voted on by the CFTC. The SEC has also indicated that it will act within its statutory authority, with or without legislation.