According to CoinMeta, after Congress failed to pass the relevant legislation, the Commodity Futures Trading Commission (CFTC) submitted a new proposal for crypto market regulations to the White House Office of Management and Budget (OMB). The specific details of the proposal have not yet been disclosed, and it is currently unclear which crypto assets the proposal covers, the conditions that exchanges need to meet, and the applicable restrictions. CFTC Chair Gary Gensler stated that the commission is ready to introduce its regulations for this new financial sector. The submission of this proposal coincides with the Securities and Exchange Commission (SEC) issuing "innovation exemptions" that allow eligible platforms to provide on-chain trading for certain tokenized stocks without registering as securities exchanges. Both the SEC and CFTC have indicated that they will continue to cooperate to provide clearer regulations for the crypto industry.