CFTC and SEC regulation of the crypto market

[zasad@]

The Senate hearing on the Clarity Act failed on September 15.

SEC
https://x.com/SECPaulSAtkins/status/2100256253645668860
"My thanks go to everyone who put so much effort into the CLARITY Act— across the Administration, Congress, investors, and innovators. Our collective conviction that America must continue to lead is indispensable.

I have been unequivocal: with or without legislation, we will act decisively within the SEC’s statutory authority to deliver certainty for American investors and for the entrepreneurs shaping our technological future."

CFTC
https://x.com/ChairmanSelig/status/2100232064259735589


"The CFTC has submitted a proposal to the White House for the regulation of cryptocurrency transactions and markets. The document is currently in the preliminary stage, and its contents have not been disclosed."
https://www.reginfo.gov/public/do/eoDetails?rrid=1537870

[Curious T]

I kind of expected this. They have been showing signs that they would go ahead and regulate the market in their own way if the bill does pass. It's not like they will do anything different, actually, but they just want the public to think they have it under control. I knew the bill wouldn't pass because there was no support in the Senate. The Democrats didn't get the clause they wanted in the bill, so there was no way they would vote for it. The simple fact that Trump is pushing for the bill is enough for them to be against it.

[zasad@]

I kind of expected this. They have been showing signs that they would go ahead and regulate the market in their own way if the bill does pass. It's not like they will do anything different, actually, but they just want the public to think they have it under control. I knew the bill wouldn't pass because there was no support in the Senate. The Democrats didn't get the clause they wanted in the bill, so there was no way they would vote for it. The simple fact that Trump is pushing for the bill is enough for them to be against it.

The White House review process could take 90 days; subsequently, the bill would be published and public discussions would begin a phase that might take another 90 days.

Things get even more interesting after that: the CFTC will review all comments and issue the final version of the bill.
I won’t list every procedural step here, but the process could drag on until the end of 2027 or even slightly longer.

[Z-tight]

Things get even more interesting after that: the CFTC will review all comments and issue the final version of the bill.
I won’t list every procedural step here, but the process could drag on until the end of 2027 or even slightly longer.

Would these proposed rules by the CFTC need to go through these steps? If i understand correctly, it should not be a regulation like the Clarity Act aiming to be a federal law, so it shouldn't have to go through numerous procedures.

Correct me if i am wrong, but when the CFTC talks about making rules for the crypto market, doesn't it mean they want to use their already existing authority to create rules that would guide their regulation of the market.