CFTC Submits Proposal for Regulating Crypto Transactions Amid Clarity Act Block

The Commodity Futures Trading Commission (CFTC) has sent a proposal to the White House to regulate crypto transactions and markets. This move comes after lawmakers blocked the long-awaited Clarity Act, which aimed to formally divide oversight between regulators.

CFTC Chair Mike Selig said that while the Clarity Act didn't advance, the watchdog would still help U.S. President Trump 'get the job done' in regulating the crypto space.

The CFTC's proposal is titled 'Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets.' It isn't clear what specific regulations will be implemented, but both the CFTC and Securities and Exchange Commission (SEC) have said they would go ahead with rulemaking regardless of the Clarity Act's fate.