The CFTC has sent proposed crypto market rules to the White House for review after the Senate stalled the CLARITY Act this week.
The agency submitted the proposal to the Office of Information and Regulatory Affairs on Thursday. However, it has not disclosed which crypto assets, exchanges or activities the rules would cover.
CFTC Moves Ahead With Crypto Rules
The filing moves the proposal into the federal review process before potential formal rulemaking. After OIRA completes its review, the CFTC can publish the proposal for public comment before considering final rules.
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CFTC Chairman Mike Selig signaled Wednesday that the agency intends to continue its crypto rulemaking efforts.
“The CFTC is locked in and ready to ship its rules for the new frontier of finance,” Selig said.
The agency also issued no-action relief for certain software providers. The measure allows qualifying platforms to connect users with regulated derivatives firms without registering as introducing brokers.
SEC Advances Tokenized Stock Rules
The relief covers passive software that lets users view markets and send orders directly to registered firms. Providers cannot hold customer assets, create trading signals or control order routing.
Meanwhile, the SEC introduced a five-year innovation exemption for certain tokenized stocks on Thursday. The measure adds another crypto-related regulatory initiative as both agencies continue developing rules under their existing authority.
The developments come after the Senate stalled the CLARITY Act, leaving federal regulators to advance separate measures while lawmakers consider their next steps.
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