CFTC Submits Crypto Market Regulation Plan for White House Review
The US Commodity Futures Trading Commission (CFTC) has submitted a new regulatory plan for White House review, focusing on crypto asset transactions and markets. The move comes after the Senate failed to advance the CLARITY Act, which aimed to establish a federal regulatory framework for crypto markets.
CFTC Chair Michael Selig had previously stated that the agency would use its existing statutory authority to regulate crypto markets if new legislation stalled. In August, he directed CFTC staff to explore rules that could allow existing registrants and unregistered crypto exchanges to become a type of designated contract market called a 'crypto asset market', where leveraged or margined crypto trading could be offered under CFTC oversight.
The filing with the Office of Information and Regulatory Affairs does not disclose details of the planned regulation, but indicates that it is at an early stage of the rulemaking process. This move aligns with statements from SEC Chair Paul Atkins, who said the securities regulator would move ahead 'with or without legislation'.