SEC and CFTC Move Ahead with Crypto Rules Amid Congressional Gridlock
The US Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) are moving forward with separate initiatives to regulate digital-asset markets, despite Congress's failure to advance a sweeping crypto market-structure bill. The SEC granted a five-year conditional exemption allowing qualifying blockchain-based venues to trade certain tokenized US stocks without being treated as traditional securities exchanges under existing rules.
The exemption is intended to give the SEC an opportunity to observe blockchain-based securities markets while collecting data that could inform longer-term regulation. SEC Commissioner Mark Uyeda said the agency's approach is designed to allow controlled experimentation while it evaluates how tokenization could affect trading, settlement, and ownership infrastructure.
The CFTC is taking a broader approach to cryptocurrency markets by submitting a proposed rulemaking package to the White House's Office of Information and Regulatory Affairs for review. The initiative aims to establish rules for crypto transactions and markets under the CFTC's existing authority.