CFTC Advances US Crypto Rules Despite Clarity Act Delay
The agency says it will establish crypto regulations without waiting for Congress, signaling a more active federal role in market structure and tokenized finance.
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The agency says it will establish crypto regulations without waiting for Congress, signaling a more active federal role in market structure and tokenized finance.
Agency action can bridge the policy gap, but it cannot provide the lasting market structure that only legislation can establish.
The proposal targets leveraged crypto trading and includes exchange safeguards, while spot-market rules still depend on Congress and final regulations remain months away.
The proposal marks a federal move toward formal rules for US crypto markets, putting regulatory clarity and market structure in focus.
The proposals could give leveraged crypto activity a federal framework, but direct spot trading remains outside the CFTC’s proposed reach as Congress’s market-structure effort stalls.
With two key Senate negotiators retiring, the next Congress may have to rebuild support for a market-structure framework backed by crypto firms and Wall Street.
Mike Belshe says combining trading, brokerage and custody inside one firm could turn a company failure into a market-wide breakdown.
The invitation revives scrutiny of access tied to token investment, while a brief 10% price jump faded after the announcement.
Brian Armstrong argues that banks face tighter legal constraints on crypto custody, while Coinbase can still offer stablecoin rewards.
The bullish thesis hinges on a monthly close above the 20-month moving average on total crypto market cap; an ETH retest of the 200-day could either print an inverse head-and-shoulders right shoulder…
The stalled bill leaves US crypto market-structure rules unresolved, while the industry shifts some of its lobbying focus toward regulators.
The move lands as Kalshi reports record monthly volume, draws direct exposure from Ark Invest ETFs and reportedly pursues a $1B funding round.
Lower coin-denominated open interest may leave the rally less exposed to leverage-driven liquidations, though it does not eliminate that risk.
The setback leaves crypto market structure in regulatory limbo, with SEC and CFTC authority still blurred and a new Congress likely required to restart the process.
SEC and CFTC actions, alongside a proposed stablecoin framework, put regulatory implementation in motion even as Congress has not passed the bill.
The dispute exposes a deeper market-structure gap: wrapped tokens offer reach, while issuer-sponsored tokens offer rights and cleaner price discovery.
The announcement points to a more defined US framework for digital-asset market structure, a key test of whether regulatory clarity can support wider institutional participation.
The failed procedural vote leaves a bipartisan market-structure bill stalled, while partisan conflict threatens to delay clearer rules for the US crypto industry.
With the Senate blocking the bill and elections looming, officials say regulatory action will move ahead without waiting for a lame-duck deal.
The announcement puts market structure at the center of Russia's crypto policy, with oversight and institutional access becoming key issues for investors to watch.