CFTC Submits Crypto Regulation Framework to White House Amid Clarity Act Setback
The US Commodity Futures Trading Commission (CFTC) has submitted a comprehensive crypto market regulation framework to the White House Office of Management and Budget. This move comes after Congressional efforts to pass the Clarity Act stalled earlier in September.
According to sources, the CFTC's proposal, dubbed 'Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets,' remains in the 'prerule' phase and has not yet been made public. The framework is expected to outline specific requirements for trading platforms and covered assets but details are scarce at this time.
Following a September 15 Senate vote that saw the Clarity Act fail to gain traction, CFTC Chair Michael Selig declared his agency's readiness to implement regulations utilizing current statutory powers. SEC Chair Paul Atkins echoed this commitment, stating the commission would proceed 'with or without legislation.'