CFTC Sends Crypto Rulemaking to White House After Clarity Act Fails

The Commodity Futures Trading Commission (CFTC) has filed its crypto market rulemaking with the White House, two days after the Clarity Act failed in the Senate. The agency's move comes as regulators rush to provide clarity for the crypto industry following the failed legislation.

The CFTC's filing, titled 'Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets', is currently being reviewed by the Office of Information and Regulatory Affairs (OIRA). Once signed off, the draft will return to the CFTC for a vote and public comment period before taking effect.

This development follows a no-action position published by the CFTC on Thursday, which exempts passive software providers from enforcement action. The SEC also introduced its 'innovation exemption' on the same day, allowing qualifying platforms to offer on-chain trading of certain tokenized stocks without registering as securities exchanges.