CFTC Submits Crypto Regulation Plan to White House

The US Commodity Futures Trading Commission (CFTC) has submitted its plan for regulating crypto markets to the White House for review. The proposed regulation, titled 'Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets,' is currently at the 'prerule' stage of the rulemaking process.

This development comes after the Senate failed to advance the CLARITY Act, which aimed to establish a federal regulatory framework for crypto markets. CFTC Chair Michael Selig had previously stated that the agency was prepared to use its existing authority to establish a crypto asset market regime if the legislation stalled.

In a filing with the Office of Information and Regulatory Affairs, the CFTC's action is listed as received on September 17. The planned regulation does not disclose details, but it follows days after the Senate vote. Both the CFTC and SEC have taken steps to advance crypto rules without new legislation.

CFTC Chair Selig had directed staff to explore rules allowing existing registrants and currently unregistered crypto exchanges to become a designated contract market called a 'crypto asset market,' where leveraged or margined crypto trading could be offered under CFTC oversight. Coinbase CEO Brian Armstrong predicted that regulators would move ahead after the vote, stating that they have 'the tools they need to create clear rules under existing authority.'