CFTC sends crypto rules to White House to review as Congress stalls on Clarity Act

The CFTC submitted a new proposal to the White House Office of Management and Budget (OMB) on Thursday. Details were not disclosed. It is unclear which crypto assets it covers, what exchanges would need to do to qualify, what restrictions would apply or how far the CFTC believes its authority extends.

Once the OMB reviews the draft, it will return to the CFTC for a vote and public comment. It would then need another vote to become effective.

The submission comes after the Securities and Exchange Commission (SEC) on Thursday issued an “innovation exemption” that gives qualifying platforms a five-year path to offer onchain trading of certain tokenized stocks without registering as securities exchanges.

Both the CFTC and SEC have vowed to continue working together to provide the crypto industry with clearer rules under their existing authority after the Clarity Act failed to pass.