Clarity Act Stalled, CFTC Takes Action: New Draft on Cryptocurrencies Submitted to the White House! Here are the Details

The Claritry Act, seen as one of the most important bills aimed at creating a comprehensive legal framework for cryptocurrency markets in the US this week, failed to pass a procedural vote in the Senate.

Amid ongoing uncertainties surrounding the Clarity Act, the U.S. Commodity Futures Trading Commission (CFTC) has submitted a new proposal to the White House aimed at regulating cryptocurrency trading and markets.

Proposal Under Review!

According to the Office of Information and Regulatory Affairs (OIRA) within the White House Office of Management and Budget, the proposal was received on September 17 and is currently under review.

The scope and details of the regulation have not yet been fully disclosed to the public. However, a Bloomberg report, based on the draft title, suggests that the CFTC aims to create a comprehensive regulatory framework for cryptocurrency transactions and the functioning of digital asset markets.

The report also referenced a previous statement by CFTC Chairman Michael Selig, in which he said he had instructed staff to “develop ways to formalize the digital asset market structure using the agency’s existing legal authority, independently of congressional legislation.”

While the CFTC’s move quickly resonated in the market, Hyperliquid Policy Center CEO Jake Chervinsky stated on X, “The CFTC is moving fast. It appears to have sent a proposed rule for interagency review.”

*This is not investment advice.