CFTC Submits Crypto-Market Rulemaking to White House Amid CLARITY Act Stalemate
The Commodity Futures Trading Commission (CFTC) has submitted a rulemaking for crypto-market regulation to the White House for review, after the Senate failed to advance the Digital Asset Market CLARITY Act. The filing was made on September 17 and is titled Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets.
The move comes two days after the Senate's cloture vote failed by a 49-50 margin, stopping the chamber from moving forward with the legislation. CFTC Chairman Michael Selig had previously stated that the commission would use its existing authorities to establish a crypto-asset market regime if the CLARITY Act stalled.
The submission of the rulemaking to the Office of Information and Regulatory Affairs (OIRA) is an effort by the agency to proceed under existing statutory authority instead of waiting for comprehensive legislation to clear Congress. The proposal's detailed text has not been publicly disclosed, but it will require further review and a public-comment process before any potential regulation can take effect.