Wall Street's primary regulatory agency is moving forward with plans to regulate cryptocurrency and the prediction markets.

BlockBeats News, March 5th, according to Bloomberg, the main Wall Street regulators are advancing plans to regulate the crypto industry and the fast-growing prediction markets, and the proposed new measures are likely to have long-term implications for the broader financial markets.

After months of public statements by regulators and political wrangling in Congress, the U.S. Securities and Exchange Commission (SEC), which oversees the U.S. stock market, and the U.S. Commodity Futures Trading Commission (CFTC), which oversees derivatives trading, have submitted relevant plans to the White House.

Details are currently unclear, but this procedural advancement has become one of the most substantive moves by the Trump administration's market regulators to date.