CFTC Sends Proposal To Regulate Crypto Transactions Following Clarity Act Fail

According to Bitcoin Magazine, the Commodity Futures Trading Commission sent a proposal titled "Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets" to the White House on Thursday. The specific details of the regulations remain unclear from the Office of Management and Budget's website post.

As reported by Bitcoin Magazine, this action follows the blocking of the Clarity Act by lawmakers on Tuesday. Despite the legislation failing to advance, both the CFTC and the Securities and Exchange Commission indicated they would continue with crypto rulemaking. CFTC Chair Mike Selig stated that the agency is ready to proceed with its rules. Selig previously noted an intent to finalize rules before the administration's term ends.

Additionally, Bitcoin Magazine reported that the SEC approved tokenized stocks trading and previously proposed a framework for crypto asset offerings in August. While President Trump urged lawmakers to pass the Clarity Act, Republicans blamed Democrats for holding it back over ethics concerns. The Clarity Act aims to formally divide regulatory oversight between assets classified as securities, commodities, or stablecoins.