CFTC Submits Virtual Asset Regulation Proposal After Clarity Act Halted

The U.S. Commodity Futures Trading Commission (CFTC) has submitted a regulatory proposal aimed at governing virtual asset trading and markets to the White House Office of Management and Budget (OMB). This follows the recent stalling of the Clarity Act in the U.S. Senate. OMB public documents indicate the proposal was received on the 17th and is currently under review. Bloomberg cited the document, reporting that the CFTC is moving swiftly to establish virtual asset regulations. The U.S. Senate failed to advance the Clarity Act this week, which would have made the CFTC the primary regulator of the digital asset market. Instead, the CFTC's own regulatory proposal is now in the White House review process.