CFTC Files Proposed Crypto Rules With White House as CLARITY Act Stalls
Highlights
- The CFTC sent its proposed crypto rules on transactions and a market framework to the White House.
- This follows the failed CLARITY Act vote.
- The CFTC also issued a no-action position for crypto developers yesterday.
The Commodity Futures Trading Commission (CFTC) is forging ahead to provide regulatory clarity for the crypto industry, even as the CLARITY Act stalls. The regulator sent its proposed crypto rules to the White House, with the move coming just as it issued a no-action position to crypto developers.
CFTC Sends Proposed Crypto Rules To White House
The Commission has sent its proposed crypto rulemaking, “Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets “, to the White House. The Office of Management and Budget received the proposed crypto rules, which border on crypto transactions and provide a market framework for the industry within the regulator’s jurisdiction.
This move follows the failed CLARITY Act vote earlier this week. Notably, CFTC Chair Mike Selig signaled plans to forge ahead with the agency’s crypto agenda regardless of whether the crypto bill advances.
Yesterday, the Commission issued a no-action position to crypto developers that facilitate trades in derivative products, stating it would not recommend enforcement action against such developers if they do not register as introducing brokers subject to certain conditions.
Meanwhile, the SEC has also taken similar steps as the CFTC in forging ahead with plans to provide regulatory clarity for the crypto industry. The SEC issued a 5-year innovation exemption to facilitate trading of tokenized stocks. The Commission had reportedly held off on issuing the order to avoid a clash with the CLARITY Act provision but has now released it following the failed vote.
Bitcoin Bounces Above $80,000
The Bitcoin price has reclaimed the psychological $80,000 level amid these regulatory moves from the CFTC and SEC. The leading crypto is currently trading at around $80,600, up over 5% today, according to TradingView data.
Bitcoin’s break above this psychological level comes despite the BOJ rate hike earlier today. The Fed also hiked rates for the first time since 2023 earlier this week amid concerns over rising inflation due to Middle East uncertainty.
For more on crypto regulation, check out Best Regulated Crypto Exchanges in the USA
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