The Commodity Futures Trading Commission (CFTC) submitted a new proposal for cryptocurrency regulation on Thursday, September 17. The filing follows the failure of the Clarity Act to advance in the U.S. Senate during a procedural vote held on Tuesday, September 15.
CFTC Chairman Michael Selig previously stated in August that the agency would utilize its existing legal authorities to establish a market regime for digital assets if Congress failed to pass the Clarity Act. Selig noted that the agency aims to fulfill the administration's goal of creating a market structure for crypto assets.
The proposal, which has not yet been published, was noted in a report by Bloomberg on Friday, September 18. Selig confirmed the filing through a post on the social media platform X. The move comes as industry participants continue to call for regulatory certainty in the absence of comprehensive federal legislation.
Coinbase CEO Brian Armstrong commented on the situation, stating that the industry can no longer wait for congressional action. He expressed an expectation that both the SEC and the CFTC will begin utilizing their current regulatory tools to define clear rules for the cryptocurrency market.
