The Commodity Futures Trading Commission submitted a proposal to the White House on Thursday to regulate crypto transactions and markets, the agency announced via the Office of Management and Budget's website. The proposal is titled "Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets," though specific regulatory details have not yet been disclosed.
The CFTC's move follows the Senate's failure to advance the Clarity Act on Tuesday, landmark legislation intended to establish a regulatory framework for digital assets. Despite the bill's stalling, both the CFTC and Securities and Exchange Commission have committed to pursuing crypto rulemaking independently.
CFTC Chair Mike Selig stated on Wednesday that the agency remains committed to helping the Trump administration regulate the crypto sector. "The outcome of yesterday's Senate vote was unfortunate," Selig wrote on X, noting that the CFTC was "locked in and ready to ship its rules for the new frontier of finance." Prior to the Senate vote, Selig had indicated the agency would proceed with rulemaking regardless of the Clarity Act's fate, with the goal of finalizing rules before the administration's term concludes.
The SEC has similarly advanced its own regulatory initiatives. Earlier this week, the agency approved tokenized stocks trading, and in August it proposed a framework for crypto asset offerings.
The Clarity Act sought to formally divide regulatory oversight among agencies and clarify which digital assets fall under securities, commodities, or stablecoin categories. A revised draft circulated in July attempted to address ethics concerns by prohibiting officials from profiting from crypto ventures, though some lawmakers argued the provisions did not sufficiently address conflicts of interest. The White House has denied any wrongdoing related to such concerns.
