After CLARITY bill failed, CFTC submits cryptocurrency proposal to White House

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当前状态

该草案正在接受行政审查。

已发生的变化

美国商品期货交易委员会（CFTC）已将其替代方案纳入联邦规则制定程序。

未发生变化

目前尚未生效任何针对加密货币的规则、牌照或客户保护措施。

白宫审查在公开之前进行

此次备案涉及一项名为“区块链与数字资产”的CFTC规则制定项目，识别代码为RIN 3038-AF66。其公开描述指出，该机构正在考虑修改其关于基于区块链的交易系统和数字资产的监管规定。

由于拟议文本尚未发布，因此描述较为简略。白宫信息与监管事务办公室（OIRA）会在重大联邦提案公开前对其进行审查。该办公室可能会批准草案、要求修订或将其退回给相关机构。

获得白宫批准并不意味着提案具有约束力。CFTC仍需先批准并发布该提案，随后才能征求公众意见。根据该机构的规则制定指南，拟议规则通常会有30至60天的意见征询期。在任何最终要求生效之前，还需要做出单独的决策。

塞利格曾预览法律途径

Four weeks before the Senate vote, CFTC Chairman Michael Selig described the steps the agency intended to take if Congress failed to pass the CLARITY Act. In a speech on August 20, he said employees had been instructed to use the agency's existing powers to explore cryptocurrency market rules.

"The CFTC will use its existing powers to begin establishing an institutional framework for cryptocurrency asset markets," Selig said.

His remarks described a registration path that could be based on Designated Contract Markets (DCMs). These are federally regulated exchanges that list futures and other derivatives, monitor trading and enforce rules designed to protect market integrity.

Selig stated that existing registries and some currently unregistered cryptocurrency exchanges can apply to be designated as a type of DCM called a "cryptocurrency asset market." Approved venues can then offer leveraged or margin cryptocurrency trading subject to requirements established for this type of product.

The CFTC already regulates trading in derivatives and certain retail commodities that are funded by leverage or margin. However, Selig did not describe a comprehensive path for ordinary cryptocurrency spot exchanges to pay for the purchase in full.

The CFTC cannot rebuild CLARITY through rulemaking

The failed CLARITY vote deprived the CFTC of the broader spot market powers envisioned in the bill. Under current law, the agency can investigate fraud and manipulation involving the commodity spot market, but it does not supervise non-securities cryptocurrency exchanges through a comprehensive federal regime.