CFTC files crypto regulation plan

The Commodity Futures Trading Commission submitted a proposal to the Office of Management and Budget on September 17 to regulate crypto asset transactions and markets.

Clarity Act fails in Senate

The Clarity Act, which would have made the CFTC the primary crypto regulator, failed a procedural vote in the Senate on September 15, leaving the industry without comprehensive federal market structure rules.

CFTC chairman signals intent

CFTC Chairman Michael Selig said in August that if Congress didn't pass the Clarity Act, the agency would use its existing authorities to establish a crypto market regime.

“We owe it to the American people to do so. President Trump promised to deliver a crypto asset market structure, and we will help him deliver if Congress will not.”

Industry expects regulatory action

Coinbase CEO Brian Armstrong said the crypto industry can't wait on Congress and expects the SEC and CFTC to use existing authority to create clear rules.

“The SEC and CFTC have the tools they need to create clear rules under existing authority, and I expect will begin working on this in earnest.”

Clarity still matters to industry

Both crypto and banking industry members said after the failed vote that lawmakers still need to act and that regulatory certainty remains essential for the sector.