The Commodity Futures Trading Commission (CFTC) has submitted a framework for crypto market regulation to the White House Office of Management and Budget (OMB). Federal records confirm the submission occurred on Sept. 17, following the stall of the CLARITY Act in the Senate.
CFTC Chairman Michael Selig previously noted that the agency is developing rules under its existing authority. The proposal aims to establish a new category for crypto asset markets, which would allow eligible exchanges to offer leveraged or margined trading.
The document is currently under review by the OMB and may undergo revisions. If the proposal proceeds, the CFTC will open a public comment period before drafting a final rule, which will require a formal commission vote to take effect.
