CFTC Advances Crypto Regulation Amid Congressional Delay

The U.S. Commodity Futures Trading Commission (CFTC) has begun developing its own regulatory framework for cryptocurrency assets amid delays in congressional processing of a market structure bill. The agency submitted a pre-regulatory proposal addressing cryptocurrency asset trading and markets to the White House's Office of Information and Regulatory Affairs (OIRA), according to reports from Decrypt and The Block.

The move follows the Clarity Act's failure to pass in the Senate, where it was defeated 49-50. The legislation aimed to clarify jurisdiction between the CFTC and Securities and Exchange Commission (SEC) over cryptocurrency markets but fell short of the required 60 votes for passage.