U.S. CFTC joins SEC in proposing crypto regulations, though spot-market gap lingers
The derivatives regulator is proposing two rules meant to cover the waterfront of crypto activity and exchanges, as long as it's not simple, direct trading.
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 proposes new rules for crypto industry thehill.com
- CFTC is proposing rules that would require leveraged crypto exchanges to register qz.com
