CFTC Submits Proposed Crypto Rules Amid CLARITY Act Setbacks
The Commodity Futures Trading Commission (CFTC) has submitted a proposed rule on crypto market rules to the White House budget office for review. The move comes after the Senate failed to advance the CLARITY Act, which aimed to establish a comprehensive federal framework for digital assets.
CFTC Chairman Michael Selig had previously stated that the commission would use its existing statutory authorities to help create a future-proof crypto asset regulatory market structure. The proposed rule, titled 'Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets,' has been filed with the Office of Information and Regulatory Affairs (OIRA).
The OIRA is responsible for vetting federal regulations before they can be published. While this filing does not make the CFTC's proposal a final rule, it marks an important step in the regulatory process.