US Regulatory Agencies Forge Ahead with Crypto Rules Amid CLARITY Act Stalemate
The US government's efforts to establish clear regulations for digital assets have taken shape in recent weeks. On September 17, the Commodity Futures Trading Commission (CFTC) submitted new rules for crypto market transactions to the Office of Information and Regulatory Affairs (OIRA). This move comes after the CLARITY Act stalled in the Senate.
The CFTC's submission is a significant step towards establishing clearer regulatory guidelines for digital assets. However, some have expressed concerns that these rules may not be as effective as legislation passed by Congress. Paul Davies, a financial columnist at Bloomberg, argued in an op-ed that agency-approved regulations can be easily rescinded by new administrations.
The blame game surrounding the CLARITY Act's failure continues to intensify. Industry figures are pointing fingers at each other for the bill's demise. The White House has also weighed in, suggesting that Democrats' 'stupid political games' contributed to the legislation's failure.