CFTC Submits Crypto Regulation Plan Amid Senate Stalemate
The US Commodity Futures Trading Commission (CFTC) has submitted a plan for regulating crypto asset transactions and markets to the White House for review. The action, titled 'Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets,' is at an early stage of the rulemaking process.
According to a filing with the Office of Information and Regulatory Affairs, the action was received on September 17 and has not yet been formally proposed. The CFTC had been exploring the possibility of advancing crypto rules without new legislation before the Senate vote this week.
CFTC Chair Michael Selig said in remarks at the CFTC's Innovation Advisory Committee conference on August 20 that he had directed staff to explore rules allowing existing registrants and unregistered exchanges to become a type of designated contract market called a 'crypto asset market' under CFTC oversight.