CFTC Submits Proposal for Cryptocurrency Regulation Amid Stalled Clarity Act
The Clarity Act, aimed at creating a comprehensive legal framework for cryptocurrency markets in the US, has stalled after failing to pass a procedural vote in the Senate.
Amid ongoing uncertainties surrounding the bill, the U.S. Commodity Futures Trading Commission (CFTC) has submitted a new proposal to the White House to regulate cryptocurrency trading and markets.
The proposal was received on September 17 and is currently under review by the Office of Information and Regulatory Affairs within the White House Office of Management and Budget.
A draft title suggests that the CFTC aims to create a comprehensive regulatory framework for cryptocurrency transactions and digital asset markets, as previously stated by Chairman Michael Selig in his instruction to develop ways to formalize the market structure using existing legal authority.