CFTC Submits Crypto Trading Proposal to White House Amid Legislative Stalemate

The U.S. Commodity Futures Trading Commission (CFTC) has submitted a regulatory proposal for crypto asset trading to the White House, after Congress failed to advance the 'Clarity Act' this week.

The bill aimed to establish the CFTC as the primary federal regulator of the crypto market and define its boundaries with the Securities and Exchange Commission (SEC).

In response to the legislative setback, Chairman Michael Selig instructed staff to draft a framework under existing statutory authority, allowing registered entities and unregistered crypto exchanges to apply to become designated contract markets for crypto trading on a leveraged or margin basis.