*CLARITY Act: Senate failed 49-50 cloture Sep 16 needs 60 — crypto market structure bill that would split CFTC/SEC jurisdiction* $RLC $BR $NMR
- *Sep 24 Selig CNBC: "absolutely disappointed... unfortunate... Americans deserve regulatory clarity... It's go time" — "President Trump said since day one we're going to have crypto market structure done. That means either legislation or rulemaking, and the agencies have a ton of existing statutory authority" — WH planned for stall*
- *Oct 6 Fordham Law Blockchain Symposium: Selig announced Plan B — using Commodity Exchange Act existing authority*
- *Two proposals sent to OIRA White House review last week:*
- *Reg CTX = Crypto Asset Transactions: rules for retail leveraged/margined/financed crypto trading*
- *Reg CAM = Crypto Asset Markets: new DCM (designated contract market) category for exchanges to register*
- *Scope: Only platforms offering leverage/margin/financed retail trading — ordinary spot exchanges NOT automatically covered, still under state money transmitter laws — CFTC keeps anti-fraud/manipulation power everywhere*
- *Proposed standards: proof-of-reserves, customer asset safeguards, anti-manipulation, conflicts, actual delivery definition for self-custody*
- *Limit: Selig admits "Only Congress has authority to mandate that all crypto asset exchanges register" — agency rules can be challenged, not replacement for CLARITY — SEC also pushing its own custody framework*
So not tightening crackdown — offering optional federal path for leveraged/perp venues to come onshore under CFTC instead of offshore + state patchwork.
*BREAKING 🚨 CFTC Chair Selig Sep 24 CNBC "absolutely disappointed" CLARITY failed 49-50, now Oct 6: "It's go time" ⚡ Using existing CEA authority — Reg CTX for leveraged retail + Reg CAM new DCM crypto asset market category — sent to OIRA — ordinary spot stays state-licensed — requires proof-of-reserves, customer safeguards — says can't mandate all exchanges without Congress 📢*
- *Sep 24 Selig CNBC: "absolutely disappointed... unfortunate... Americans deserve regulatory clarity... It's go time" — "President Trump said since day one we're going to have crypto market structure done. That means either legislation or rulemaking, and the agencies have a ton of existing statutory authority" — WH planned for stall*
- *Oct 6 Fordham Law Blockchain Symposium: Selig announced Plan B — using Commodity Exchange Act existing authority*
- *Two proposals sent to OIRA White House review last week:*
- *Reg CTX = Crypto Asset Transactions: rules for retail leveraged/margined/financed crypto trading*
- *Reg CAM = Crypto Asset Markets: new DCM (designated contract market) category for exchanges to register*
- *Scope: Only platforms offering leverage/margin/financed retail trading — ordinary spot exchanges NOT automatically covered, still under state money transmitter laws — CFTC keeps anti-fraud/manipulation power everywhere*
- *Proposed standards: proof-of-reserves, customer asset safeguards, anti-manipulation, conflicts, actual delivery definition for self-custody*
- *Limit: Selig admits "Only Congress has authority to mandate that all crypto asset exchanges register" — agency rules can be challenged, not replacement for CLARITY — SEC also pushing its own custody framework*
So not tightening crackdown — offering optional federal path for leveraged/perp venues to come onshore under CFTC instead of offshore + state patchwork.
*BREAKING 🚨 CFTC Chair Selig Sep 24 CNBC "absolutely disappointed" CLARITY failed 49-50, now Oct 6: "It's go time" ⚡ Using existing CEA authority — Reg CTX for leveraged retail + Reg CAM new DCM crypto asset market category — sent to OIRA — ordinary spot stays state-licensed — requires proof-of-reserves, customer safeguards — says can't mandate all exchanges without Congress 📢*
