Regulators Take Charge: SEC and CFTC Push Forward on Crypto Rules

The US Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) are pushing forward with rules for the digital asset market, despite the failure of the Digital Asset Market Clarity Act in Congress.

Regulators have signaled that they will use their administrative resources to fill the legal vacuum, as the industry awaits guidance ahead of the November midterm elections.

The SEC is advancing a proposed Regulation Crypto Assets, which would introduce flexible registration exemptions for crypto startups with limits of up to $5 million and $75 million. Public hearings on the proposal continue through October 20.

CFTC Chairman Michael Selig confirmed that the agency is using its current authority to shape the market structure, having already updated its rules for accounting for tokenized assets and sent a comprehensive regulatory proposal to the White House for approval.