CFTC Unveils Crypto Regulation Proposal Amid Stalled Clarity Act
The Commodity Futures Trading Commission (CFTC) has proposed new regulations for cryptocurrency transactions and markets, according to a proposal sent to the White House on Thursday. The move comes as lawmakers failed to advance the Clarity Act in a Senate procedural vote on Tuesday.
CFTC Chair Mike Selig stated that the agency would still help President Trump regulate the crypto sector despite the stalled legislation. Selig called the Senate vote's outcome 'unfortunate' and said the CFTC was ready to issue rules for the new financial sector.
The proposal is titled 'Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets.' The CFTC has been working on rulemaking with the Securities and Exchange Commission (SEC), which has taken a friendlier approach to oversight of the sector since President Trump took office. In August, the SEC proposed a framework for crypto asset offerings.