CFTC Submits Crypto Framework to White House Amid Senate Setback

The Commodity Futures Trading Commission (CFTC) has submitted its crypto market framework to the White House for review. The proposal, which was sent on September 17, uses existing CFTC authority and will need to return to the commission before publication and public comment.

The move comes after a setback in the Senate, where the CLARITY Act failed to advance by a narrow margin of 49-50 on cloture. The act would have created a framework for digital commodities and divided regulatory responsibilities between the CFTC and Securities and Exchange Commission.

CFTC Chair Selig had outlined an alternative path during an Innovation Advisory Committee meeting, where he directed staff to explore rules that could codify a crypto asset market structure using powers already granted to the agency under the Commodity Exchange Act.