CFTC proposes new rules for crypto industry
The Commodity Futures Trading Commission (CFTC) unveiled new proposals Monday for regulating cryptocurrency markets, after an effort to pass digital asset legislation through Congress came up short last month. The agency, one of two main financial regulators expected to oversee the industry, gave notice of its plans to move forward with rulemaking on both crypto...
CFTC Chair Michael Selig declared that the agency would proceed with crypto regulation, regardless of Congress' failure to pass the Digital Asset Market Clarity (CLARITY) Act. Selig announced proposals at the Fordham Law Blockchain Regulatory Symposium, giving crypto companies the option to operate under the CFTC's jurisdiction rather than multiple state regulations.
The CFTC will establish a new category of designated contract market (DCM) called crypto asset market (CAM), allowing certain exchanges to register as such. These rules would allow the CFTC to oversee crypto asset exchanges uniformly under existing statutory authorities, rather than relying on enforcement from the previous administration.
The SEC already proposed a tailored securities offering regime for crypto assets in August, indicating that both agencies would push forward with regulation independently of legislative action.
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- CFTC joins SEC in proposing crypto framework after failed CLARITY vote cointelegraph.com
- The CFTC proposes a federal framework for crypto exchanges to offer retail customers leveraged and margined spot trading, without requiring congressional action (Jason Shubnell/The Block) theblock.co
- CFTC is proposing rules that would require leveraged crypto exchanges to register qz.com
- U.S. CFTC joins SEC in proposing crypto regulations, though spot-market gap lingers coindesk.com
