The U.S. Commodity Futures Trading Commission has proposed new rules to regulate digital asset transactions and markets.
In a Monday release, the agency said that the proposed rules would allow U.S. crypto exchanges to opt into a federal regulatory regime.
Despite lawmakers blocking the Clarity Act last month, the CFTC and Securities and Exchange Commission have pressed ahead with proposing rules to regulate the digital asset industry.
“Today’s action is a critical step in the CFTC’s ongoing efforts to ensure America remains the crypto capital of the world,” Chairman Mike Selig said.
JUST IN: 
CFTC proposes rules to regulate U.S. crypto markets.
"Today’s action is just the beginning…America can lead the next generation of financial technology without repeating the mistakes of the last one." 
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He added: “The Commission’s announcement begins our process of new rulemakings grounded in the CEA’s purpose and President Trump’s directive to propose a federal crypto asset regulatory market structure using the CFTC’s existing statutory authorities.”
If approved, the new rules would allow crypto exchanges offering the leveraged trades to register with the regulator.
The Clarity Act wants to formally divide oversight between regulators, distinguishing which digital assets are securities, commodities or stablecoins.
But the bill stalled and stumbled this year as the banking lobby had issues with crypto companies paying customers stablecoin rewards and some lawmakers — mostly Democrats — were concerned about the ethics side of the legislation.
Regulators are drafting rules that the crypto industry has long called for regardless.
CFTC Chair Selig, formerly chief counsel at the SEC’s Crypto Task Force, last month said that the regulator was preparing for the transition of markets moving “24-7, on-chain.”
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