CFTC Submits Crypto Market Structure Proposal to White House

The Commodity Futures Trading Commission (CFTC) has submitted a proposal for regulating the crypto market to the White House's Office of Management and Budget (OMB). The move comes as the CLARITY Act stalled in the Senate, and CFTC Chairman Michael Selig said agency staff were working on rules using existing authorities.

The proposed framework would establish a new category of 'crypto asset markets' for eligible exchanges, allowing for crypto trading with leverage or margin. If approved, the CFTC would seek public comments before drafting a final rule that would require commission approval to take effect.