CFTC Submits Crypto Rules for White House Review Amid Congressional Gridlock

The Commodity Futures Trading Commission (CFTC) has submitted a new regulatory proposal for crypto assets to the White House following the Senate's failure to pass the CLARITY Act. The CFTC filed its initiative, titled 'Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets,' on September 17.

The exact requirements of the proposal remain under wraps, but it is focused on transaction mechanics and market operations. OIRA, a division of the Office of Management and Budget, serves as the gatekeeper for federal regulations and has marked the proposal as 'Pending Review.'

This move comes after the Senate failed to advance the CLARITY Act, which sought to establish a broad legal framework for the U.S. digital asset market. The CFTC is limited to rules that fit under current law and cannot fully replace the failed bill.