CFTC submits crypto market regulation plan for White House review

The US Commodity Futures Trading Commission has sent a new crypto market regulatory action to the White House for review, marking an early step in its effort to oversee digital asset trading. The filing, made on Sept. 17 with the Office of Information and Regulatory Affairs, is listed as a prerule and is titled “Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets.” At this stage, the agency has not released details of the proposed rules. The move comes shortly after the Senate failed to advance the CLARITY Act, a bill intended to create a federal framework for crypto markets. CFTC Chair Michael Selig has said the agency is prepared to use its existing authority to move forward on crypto rules, and the SEC has also signaled that it will continue work on digital asset regulation without waiting for new legislation.