CFTC Chair Michael Selig on Monday announced proposals that would allow certain crypto companies to operate under national CFTC oversight instead of individual state regulations. According to NS3.AI, the agency plans to create a new designated contract market category called a crypto asset market.

The proposed rules would not apply to ordinary spot crypto exchanges, which are generally regulated under state money transmission laws. Selig said the agency will move forward with crypto regulation at U.S. President Donald Trump's direction, with or without congressional legislation.

The proposals come after the Senate failed a few weeks earlier to advance the Digital Asset Market Clarity Act.