CFTC proposes new rules for U.S. crypto oversight

The U.S. Commodity Futures Trading Commission has proposed new rules to regulate digital asset transactions and markets. The rules would allow U.S. crypto exchanges to opt into a federal regulatory regime. Despite the Clarity Act being blocked last month, the CFTC and Securities and Exchange Commission continue to propose regulations for the digital asset industry. CFTC Chairman Mike Selig stated that this action is a critical step in ensuring America remains the crypto capital of the world. If approved, the new rules would enable crypto exchanges offering leveraged trades to register with the regulator. The Clarity Act aimed to clarify oversight between regulators regarding the classification of digital assets as securities, commodities, or stablecoins, but it has stalled due to concerns from the banking lobby and some lawmakers. The CFTC is drafting rules that the crypto industry has long requested. Selig mentioned that the regulator is preparing for markets that operate continuously on-chain. The SEC, also led by a pro-crypto regulator, approved tokenized stocks trading in September and proposed a framework for crypto asset offerings in August. The CFTC's preliminary rulemaking notice will be open for public comment for 60 days after publication in the Federal Register, after which the agency will review feedback and decide on issuing a formal proposed rule.

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