CFTC Pushes Ahead With Standalone Crypto Rules After Senate Blocks CLARITY Act

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The US Commodity Futures Trading Commission is stepping up efforts to craft digital-asset regulations under its existing authority after the CLARITY Act failed to advance in the Senate.

Bloomberg reported on September 18 that the CFTC submitted a new proposed rule to the Office of Management and Budget to govern digital-asset transactions and markets.

The proposal, titled "Regulation Crypto Asset Transactions and regulation Crypto Asset Markets," was received on September 17 and is now under review.

The move came shortly after the CLARITY Act failed to clear a procedural vote in the Senate this week. On September 15, the Senate voted down a motion to proceed on the bill, 49-50.

The contents of the proposal have not been disclosed. Michael Selig, a CFTC commissioner, previously said he had directed staff to develop ways to formalize the digital-asset market structure using the agency's authority under current law, separate from congressional legislation.