CFTC submits crypto market regulation plan for White House review

The US Commodity Futures Trading Commission (CFTC) has submitted a proposed regulatory action for the White House to review, covering crypto asset transactions and markets. This move comes after the Senate failed to advance the CLARITY Act, a piece of legislation aiming to establish a federal regulatory framework for crypto markets.

The CFTC's filing, titled "Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets," was received on September 17 and is currently at the "prerule" stage, indicating it is in the early stages of the rulemaking process. The CFTC Chair, Michael Selig, stated that the agency is "locked in and ready to ship" rules for crypto markets using its existing statutory authority, while SEC Chair Paul Atkins said the securities regulator would proceed "with or without legislation."

Both agencies took action the day after the Senate vote on September 15. The CFTC has already issued a no-action position for providers of passive software and announced temporary exemptions for certain platforms facilitating on-chain trading of tokenized securities. Selig had previously mentioned that the CFTC was prepared to use its existing authority to create a crypto asset market regime if the CLARITY Act stalled.