CFTC Submits Crypto Regulatory Framework to White House Review

The US Commodity Futures Trading Commission (CFTC) has submitted a new regulatory framework for crypto asset transactions and markets to the White House for review.

The proposal, titled 'Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets', was received by the Office of Information and Regulatory Affairs on September 17 and is currently listed as 'prerule', indicating it's an early stage in the process.

This move follows the Senate's failure to advance the CLARITY Act, which aimed to establish a federal framework for crypto market regulation. The CFTC has signaled its intention to use existing authority to define roles and boundaries through regulatory relief and exemptions, rather than waiting for legislation.

CFTC Chair Michael Selig has stated that the agency is 'locked in and ready to ship' rules for crypto markets using existing authority. SEC Chair Paul Atkins made a similar point, saying the SEC would move ahead 'with or without legislation'. These actions indicate an interim strategy of providing targeted regulatory relief while longer-term frameworks are developed.