CFTC Submits Crypto Market Rules Proposal to White House

The Commodity Futures Trading Commission (CFTC) is moving forward on establishing rules for the crypto market, bypassing Congressional approval. The agency submitted a proposed framework to the White House's Office of Management and Budget (OMB) on September 17th. This move comes after the CLARITY Act stalled in the Senate.

CFTC Chairman Michael Selig stated that agency staff were working on rules using existing CFTC authorities, which would create a new category for 'crypto asset markets' and allow eligible exchanges to permit crypto trading with leverage or margin. The proposal is subject to OMB review and potential revisions before returning to the CFTC for a vote.