CFTC joins SEC in proposing crypto framework after failed CLARITY vote
Summary
CFTC Chair Michael Selig said the agency will advance crypto rules using existing authority, even without congressional legislation. Proposed rules would let certain firms handling leveraged or financed crypto trading register with the CFTC, including through a new “crypto asset market” exchange category, creating a uniform federal option. Ordinary spot exchanges would remain generally subject to state money-transmission laws, though the CFTC retains anti-fraud and anti-manipulation authority. The proposals follow the Senate’s failure to pass the CLARITY Act and come as both the CFTC and SEC face commissioner vacancies.
