CFTC Seeks Comments on Spot Crypto Trading Rules

The Commodity Futures Trading Commission (CFTC) has published an Advanced Notice of Proposed Rulemaking (ANPRM), seeking public comments regarding its intent to establish a regulatory framework for spot crypto trading.

According to CFTC Chair Michael Selig, who appeared on CNBC’s Squawk Box on Tuesday morning, the CFTC is going to use its statutory authority to put in place “market-based regulation, anti-manipulation, anti-fraud, segregation of customer assets, and segregation of functions between brokers, exchanges, and clearing."

This comes as the Senate failed to advance the CLARITY Act in September.

“I am absolutely disappointed in Congress in not getting this [Clarity Act] to the President’s desk. It’s been a priority since day one, and we’ve worked very hard to get here,” Selig said.

Dr Jordan Knecht, head of strategic integrations at Kresus, a blockchain tech company, told DeFi Rate the CFTC’s proposal is a step toward a clearer federal framework, but it still does not represent regulatory finality.

The SEC and CFTC step up

With the CLARITY Act stalled in Congress, both the US Securities and Exchange Commission (SEC) and the CFTC have moved ahead with their own crypto rules.

In August, the SEC proposed Regulation Crypto Assets that would create a clear and “fit-for-purpose” framework for certain investment contracts, including digital assets. On Oct. 1, the agency proposed new rules and amendments to provide a tailored framework for the custody of crypto assets for registered investment advisers and regulated funds.