White House: Market Structure Bill Stalls as Focus Shifts to Regulators | CoinDesk Daily

Jennifer Sanasie (0:00)

The White House says the Crypto Market Bill is stalled in Congress and the CFTC cracks down on bets over what people say.

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Want trusted crypto research? Check out the Stagg, Grayscale's blog. Visit grayscale.com/thestagg. RealFi, a smarter stablecoin backed by real world assets. Join the testnet now at realfi.co. White House crypto advisor Patrick Witt and treasury official Luke Pettit says the Clarity Act's best hope is no longer Congress. Speaking at CoinDesk's policy and regulation event in Washington, both said the market structure bill is unlikely to pass in the lame duck session and the focus has shifted to the administration. Witt pointed to a rush of crypto action at the SEC and CFTC, saying that there's no time to waste now. The CFTC is warning that mentioned markets, bets on what a specific person will say or do, pose special dangers. In a new advisory, the agency said these contracts hinge on the conduct of a named person, and that conduct may not be independently generated or verifiable. The CFTC called such markets presumptively readily susceptible to manipulation. And while it's tied to the FTX bankruptcy estate and Alamator Research moved as much as 27,373 ether to market maker Wintermute. A move to a market maker can signal a holder's plans to sell or hedge a large position without sending it straight to an exchange, but the data doesn't confirm Wintermute has sold or that the transfer funds credit or repayments. Get more updates on coindesk.com. Want trusted crypto research? Check out The Stack, Grayscale's blog. Visit grayscale.com/thestack.

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