CFTC Submits Crypto Rulemaking Proposal to White House
The CFTC has filed its crypto rulemaking proposal with the White House, moving forward without Congressional support. The filing is part of a series of regulatory actions from federal agencies after the Clarity Act failed to pass its Senate procedural vote on Tuesday.
CFTC Chair Michael Selig had signaled that the agency would use existing authorities to establish a crypto market-structure regime if the Clarity Act stalled, and this move appears to be in line with those plans. The proposal will now go through review by the Office of Information and Regulatory Affairs before being published.
In other news, Kevin O'Leary has announced that he's back in the market, buying new crypto positions for the next cycle. He believes that major stock exchange adoption is a key factor to watch, stating that the first exchange to adopt a blockchain will be a 'watershed moment' for the industry.