CFTC sends crypto market proposal to White House after Senate setback · Digg

CFTC sends crypto market proposal to White House after Senate setback

The draft remains undisclosed and is still at an early review stage, with votes and public comment ahead before any rules could take effect.

2 Sources, 6h ago, first seen 6h ago

Official portrait of CFTC Chair Michael Selig in a dark suit and blue tie.

TLDR

The CFTC sent a crypto-market proposal to the White House budget office for review on September 17, according to a federal regulatory docket. The filing arrived two days after the Senate failed to advance the CLARITY Act in a 49-50 procedural vote. CoinDesk reports that the proposal's contents remain undisclosed. White House review would be followed by a CFTC vote and public comment, then another vote before any final rules could take effect.

The Commodity Futures Trading Commission has sent a proposal covering crypto-asset transactions and markets to the White House Office of Management and Budget for review, moving an agency-led regulatory plan forward days after the Senate stalled a broader crypto bill.

A federal regulatory docket says the proposal was received on September 17 and identifies it as a “prerule,” an early stage rather than a finished regulation. No legal deadline is listed.

The proposal's scope is still under wraps

CoinDesk reports that the draft's contents have not been disclosed. That leaves open which crypto assets it would cover, what participating exchanges might have to do, and how broadly the CFTC believes it can act under existing law.

The outlet says the draft would return to the CFTC after OMB review for a commission vote and public comment. A final version would require another vote before taking effect. CFTC Chair Michael Selig had previously directed staff to develop a market structure framework using the agency's current authority if Congress did not pass new legislation.

Agency action follows the CLARITY Act vote

The filing came two days after the Senate failed to advance the Digital Asset Market CLARITY Act. The Associated Press reported that the 49-50 vote fell short of the 60 votes needed to proceed, with Democrats demanding stronger safeguards around President Donald Trump's crypto interests. Several senators who opposed moving ahead said negotiations could continue.

The congressional setback leaves regulators to work within their existing statutory powers unless lawmakers revive the broader legislation. For now, the CFTC filing begins a review process. It does not establish new rules by itself.

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2 Sources, first seen 6h ago

2 Sources

@CoinDeskJUST IN: The CFTC sends a new crypto market structure proposal to the White House for review days after the CLARITY Act's Senate failure, moving swiftly on Chair Selig's promise to use existing authorities to regulate crypto markets.@cryptodotnewsJUST IN: CFTC sends a new crypto market rulemaking to the White House for review. The proposal, titled “Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets,” was submitted to OIRA on September 17, just two days after the Senate’s CLARITY Act vote failed 49–50; its contents have not yet been disclosed.

Today's Rank

#14

Combined views

122.8K

2 Sources, first seen 6h ago

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TLDR

A federal regulatory docket says the proposal was received on September 17 and identifies it as a “prerule,” an early stage rather than a finished regulation. No legal deadline is listed.

CFTC sends crypto market proposal to White House after Senate setback

TLDR

The proposal's scope is still under wraps

Agency action follows the CLARITY Act vote

Combined views

CFTC sends crypto market proposal to White House after Senate setback

2 Sources

Combined views

The proposal's scope is still under wraps

Agency action follows the CLARITY Act vote

Sentiment

TLDR

The proposal's scope is still under wraps

Agency action follows the CLARITY Act vote

Sentiment

Sentiment

The proposal's scope is still under wraps

Agency action follows the CLARITY Act vote

Sentiment

2 Sources