The U.S. Commodity Futures Trading Commission (CFTC) has sent a new crypto market regulation plan to the White House for official review. This move comes just days after the Senate failed to advance the CLARITY Act.

What Happened

The CFTC has escalated a regulatory proposal tied to the crypto market to the Biden administration. By sending the document to the White House, the process now kicks off a round of federal-level internal review.

Context

This regulatory push comes after the Senate couldn't muster enough votes to move the CLARITY Act forward. With Congress at a standstill, the question of how to oversee the crypto market is now back in the hands of the executive branch.

What It Means for the Industry

Federal regulators' moves set the ground rules for exchanges, issuers, and service providers working with digital assets in the U.S. The market will be watching closely to see what steps the administration takes once the White House reviews the CFTC's proposal.