CFTC Sends Crypto Regulation Rules to White House Amid Congressional Gridlock
The Commodity Futures Trading Commission (CFTC) has drafted two rules for crypto market regulation and sent them to the White House for review. The Office of Information and Regulatory Affairs is now reviewing these rules, which aim to create a federal framework for spot crypto trading based on existing law.
These rules come after the Senate rejected cloture on the Digital Asset Market CLARITY Act in September, which would have split oversight between the SEC and CFTC. As a result, the agencies must now draw this line themselves.
CFTC Chairman Michael Selig had warned the industry about this contingency plan back in August, stating that the agency would explore rules to codify a CFTC market structure for crypto assets using existing authorities if Congress stalled on the bill.