The Commodity Futures Trading Commission is delivering on its promise to swiftly move forward with crypto rules after a landmark digital asset bill failed to advance in the Senate this week.
The futures and swaps regulator, which would have become the primary regulator under the so-called Clarity Act, sent a new proposal to regulate crypto transactions and markets to the White House for review. The proposal was received on Thursday, according to a post published Friday by the Office of Management and Budget.
The move is a key initial step in the rulemaking process under the Trump administration, which has required independent agencies like the CFTC and the Securities and Exchange Commission to send significant rulemakings to the OMB for review and edits.
While the details of the proposal won’t be known until it’s made public, CFTC Chairman Michael Selig said at an Aug. 20 agency event that he’d asked staff to find ways to codify market structure for digital assets within the agency’s existing authorities.
See more: Why Bitcoin Miners Stopped Tracking Bitcoin's Price
