CFTC Accelerates Independent Digital Asset Regulation After Clarity Act Failure

The U.S. Commodity Futures Trading Commission (CFTC) has accelerated efforts to establish digital asset regulations using its existing authority following the failure of the Clarity Act to pass in the Senate.

According to Bloomberg on October 18, the CFTC submitted a new regulatory proposal titled 'Regulation of Digital Asset Transactions and Digital Asset Markets' to the White House Office of Management and Budget (OMB) on October 17 for review.

The move comes after the Senate failed to pass the Clarity Act in a procedural vote this week, with a 49-50 vote against it on October 15 (local time).

Specific details of the regulatory proposal have not been disclosed. However, CFTC Chairman Michael Saylor previously instructed staff to develop plans to formalize digital asset market structures using the agency's existing authority, separate from congressional legislation.