CFTC submits crypto market structure proposal for White House review

The Commodity Futures Trading Commission is moving to establish crypto market rules without waiting for Congress.

The agency submitted a proposed framework covering crypto asset transactions and markets to the White House’s Office of Management and Budget (OMB) after the CLARITY Act stalled in the Senate. Federal records show OMB received the CFTC proposal on Sept. 17.

CFTC Chairman Michael Selig said in August that agency staff were working on rules under existing CFTC authorities that could create a new category of “crypto asset market” for eligible exchanges and permit crypto trading on a leveraged or margined basis.

The proposal remains subject to OMB review and potential revisions before returning to the CFTC for a vote. If approved, the agency would seek public comments before drafting a final rule, which would also require commission approval before taking effect.

This is a developing story.