CFTC sends crypto rules to White House to review as Congress stalls on Clarity Act
The regulator is moving ahead with crypto market rules as the SEC also opens a new path for tokenized stock trading.
The Commodities and Futures Trading Commission (CFTC) is trying to move ahead with its own set of rules for crypto markets after the Senate failed to pass the Clarity Act earlier this week.
The CFTC submitted a new proposal to the White House Office of Management and Budget (OMB) on Thursday. Details were not disclosed. It is unclear which crypto assets it covers, what exchanges would need to do to qualify, what restrictions would apply or how far the CFTC believes its authority extends.
Once the OMB reviews the draft, it will return to the CFTC for a vote and public comment. It would then need another vote to become effective.
“The CFTC is locked in and ready to ship its rules for the new frontier of finance,” CFTC chair Mike Selig wrote in a post on X following the vote on Wednesday.