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SEC and CFTC plan more crypto rules even if Congress stalls CLARITY
CFTC Chair Michael Selig said his agency wants to finalize crypto rule proposals before the current administration ends, while SEC Chair Paul Atkins has framed SEC action as a head start that still depends on future-proofing by Congress.
CryptoSlate reports that CFTC Chair Michael Selig said on Aug. 4 the agency has crypto rule proposals ready and plans to finalize them before the current administration ends, even if Congress does not pass the CLARITY Act.
The outlet reports that SEC Commissioner Hester Peirce has said the SEC can continue meaningful crypto rulemaking even without congressional action. CryptoSlate also notes that the Senate left CLARITY untouched before its August recess, and Majority Leader John Thune filed cloture on a motion to proceed, setting up a procedural vote around Sept. 15 that would require 60 votes to advance the bill.
CryptoSlate reports that SEC Chair Paul Atkins unveiled the SEC’s Regulation Crypto Assets framework in March, describing agency rulemaking as a start that Congress can future-proof through statutory language. The SEC-CFTC pair previously issued a joint interpretation in March that many crypto assets are not securities, along with a token taxonomy covering staking, mining, wrapping, and airdrops, and the CFTC later joined that interpretation to administer the Commodity Exchange Act consistently.
The outlet reports that the SEC is scheduled to consider an Aug. 14 proposal for a dedicated offering regime for certain crypto investment contracts. Separately, the CFTC approved the first US Bitcoin perpetual futures contract in May and Selig said he directed staff to draft rules for leveraged retail crypto transactions and a purpose-built exchange registration category, with CryptoSlate adding that undoing completed rulemaking would require a new notice-and-comment process and would face judicial review under the arbitrary-and-capricious standard.
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