US Regulators Write Crypto Rules Without Congress
The US crypto regulatory landscape is taking shape without the aid of Congress, as federal agencies move forward on their own to develop rules for the industry. The Senate blocked debate on the CLARITY Act in September, a bill aimed at dividing oversight between the SEC and CFTC.
Despite this setback, the Commodity Futures Trading Commission (CFTC) is pushing ahead with its plans for tokenized collateral and round-the-clock markets. In a statement, CFTC Chair Michael Selig said the agency would use its existing authority to develop rules for exchanges and leveraged or margined trading.
The Securities and Exchange Commission (SEC) had proposed crypto offering rules before the Senate vote and issued a limited exemption for tokenized stock trading soon after. The SEC and CFTC also signed a coordination agreement in March, which covers shared definitions, examinations, and enforcement.