CFTC crypto market regulation plan enters White House review

CFTC crypto market regulation — The U.S. Commodity Futures Trading Commission (CFTC) has submitted a new regulatory action for White House review, moving forward with its plan to oversee digital asset markets using existing authority.

The action, titled “Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets,” was received by the Office of Information and Regulatory Affairs on September 17 and is listed at the “prerule” stage. This designation indicates the proposal is in an early phase and details of the planned rules have not been disclosed.

The filing comes just days after the U.S. Senate failed to advance the CLARITY Act, a bill intended to create a new federal framework for crypto. Following that vote, CFTC Chair Michael Selig stated the agency was prepared to “ship” rules under its current statutory powers.

In August, Selig indicated the CFTC was exploring rules that could allow both existing registrants and unregistered crypto exchanges to operate as designated “crypto asset markets” for leveraged trading under its oversight.