White House · US Congress · CLARITY Act · SEC · US Senate · CoinDesk
CFTC sends crypto rules to White House to review as Congress stalls on Clarity Act
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The Commodities and Futures Trading Commission (CFTC) is trying to move ahead with its own set of rules for crypto markets after the Senate failed to pass the Clarity Act earlier this week.
Key facts
- The Commodities and Futures Trading Commission (CFTC) is trying to move ahead with its own set of rules for crypto markets after the Senate failed to pass the Clarity Act earlier this week
- The CFTC submitted a new proposal to the White House Office of Management and Budget (OMB) on Thursday
- Once the OMB reviews the draft, it will return to the CFTC for a vote and public comment
- Both the CFTC and SEC have vowed to continue working together to provide the crypto industry with clearer rules under their existing authority after the Clarity Act failed to pass
Summary
The CFTC sent a crypto market proposal to the White House for review after the CLARITY Act failed to advance in the Senate, though details of the proposed rules remain undisclosed. The SEC introduced a five-year conditional exemption for qualifying tokenized-stock platforms as both agencies pursue digital-asset rules under their existing authority. The CFTC also issued no-action relief allowing certain passive software providers, including some crypto wallet interfaces, to connect users with regulated derivatives markets without registering as introducing brokers. The CFTC submitted a new proposal to the White House Office of Management and Budget (OMB) on Thursday.