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Days after the US Senate failed to advance the CLARITY Act, the Commodity Futures Trading Commission (CFTC) has sent a new rulemaking package on crypto markets for review to the White House.
The Office of Information and Regulatory Affairs (OIRA) received the filing on September 17, which is titled “Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets.” The proposal remains in the early stages, and the details are not yet public, as reported by The Block.
The move came shortly after the Senate declined to advance the Digital Asset Market CLARITY Act. The procedural vote on September 15 rejected it with 49-50, not meeting the 60 votes required to move forward.
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Raja’s appetite for high-stakes gambling predates his emergence as a prominent property lender. The Times reported last month that he was declared bankrupt in March 2005 with debts totaling around £350,000 ($470,000), a portion of which was owed to casino operators.
His bankruptcy was discharged a year later, though he remained subject to bankruptcy restrictions until March 2009. MFS was incorporated in November 2006 by Pratibha Dewan, who later became Raja’s wife.
Raja, who has publicly described himself as the company’s founder, did not formally become a registered director until 2017.
