CFTC joins SEC in proposing crypto framework after failed CLARITY vote

Key Summary

The US Commodity Futures Trading Commission (CFTC) has joined the Securities and Exchange Commission (SEC) in proposing a crypto framework, following a failed CLARITY vote in the US Senate. CFTC Chair Michael Selig stated that the agency will regulate crypto companies using its existing statutory authorities, with or without legislation from Congress. The proposed framework, called "CTX," would give crypto companies the option to operate under CFTC umbrella or individual US states' regulations. A new category of designated contract market, or CAM, would be established, allowing certain exchanges to register for uniform national oversight.