CFTC Submits Proposal to Regulate Crypto Markets After Legislation Fails

regulate crypto markets — The U.S. Commodity Futures Trading Commission (CFTC) has submitted a formal proposal to the White House to regulate crypto asset transactions and markets, following the failure of a major legislative effort this week.

The proposal, titled “Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets,” was sent to the Office of Management and Budget on Thursday. Its specific contents are not yet public. The move comes just days after the Senate blocked the Clarity Act, a bill intended to provide a comprehensive regulatory framework for digital assets.

CFTC Chair Mike Selig stated the agency would proceed with rulemaking regardless of the legislative outcome. In a post on X, Selig called the Senate vote “unfortunate” but affirmed the CFTC was “locked in and ready to ship its rules for the new frontier of finance.” He has previously stated the goal is to finalize rules before the end of the current presidential term.

The CFTC’s action mirrors that of the Securities and Exchange Commission, which has also advanced its own crypto-related proposals in recent months. The stalled Clarity Act sought to formally divide oversight between regulators by classifying which digital assets are securities, commodities, or stablecoins.