CFTC submits crypto market regulation plan for White House review
The CFTC has sent a new crypto-related regulatory action to the White House for review, titled “Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets.” It is at the early “prerule” stage, so no formal proposal has been released yet. The filing gives no details, but it follows the Senate’s failure to advance the CLARITY Act, which would have created a federal crypto market framework. CFTC Chair Michael Selig and SEC Chair Paul Atkins have both signaled that their agencies will keep moving forward using existing authority, even without new legislation. Shortly after the Senate vote, the CFTC issued a no-action position for providers of passive software, and the SEC announced temporary exemptions for certain platforms handling onchain trading of tokenized securities. Selig has also said the CFTC could use its current powers to create a “crypto asset market” regime for leveraged or margined crypto trading. Coinbase CEO Brian Armstrong said he expects clear crypto rules to emerge regardless of congressional action.
