CFTC Submits Proposed Rule for Crypto Asset Markets Amid Congressional Gridlock

The Commodity Futures Trading Commission (CFTC) has submitted a proposed rule for crypto asset markets, pending regulatory approval. The move is seen as a positive development in the industry, with Bitcoin and major altcoins posting fresh gains on Friday.

The CFTC's proposal, titled Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets, comes after Congress stalled comprehensive legislation, including the CLARITY Act. While the legislative path for reform is uncertain amid upcoming midterm elections, agencies are filling the gap with incremental measures.

The crypto market responded positively to the news on Friday, with Bitcoin rising above $81,000, gaining 5.5% in the past 24 hours. Ethereum (ETH), XRP and Solana (SOL) also gained 5%, 6.5% and 10%, respectively.

The timing of the CFTC's proposal aligns with the SEC's temporary innovation exemption released Thursday, providing a five-year conditional path for certain platforms to offer onchain trading of tokenized stocks.