CFTC Sends Crypto Market Rulemaking to White House for Review as CLARITY Act Stalls

The U.S. Commodity Futures Trading Commission has submitted a new crypto market rulemaking to the White House for review, moving forward with an agency-led regulatory process as the CLARITY Act remains stalled in the Senate.

According to information shared by Coin Bureau on X, the CFTC filed a regulatory action titled “Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets” with the Office of Information and Regulatory Affairs, or OIRA. The filing was received on Sept. 17 and is listed at the prerule stage.

The submission does not make the proposed rules public. As a result, the specific provisions, digital assets, transactions and market participants that could ultimately fall under the framework remain undisclosed. The CFTC has also declined to comment on the details of the rulemaking.

CFTC Moves Ahead With Existing Authority

The filing marks an early step in the federal rulemaking process rather than a finalized regulation. A prerule action precedes a formal proposed rule and does not itself create new requirements for crypto businesses or traders.

OIRA, part of the White House Office of Management and Budget, reviews federal regulatory actions before agencies move toward publication. The current filing therefore remains subject to further procedural steps before any rules could take effect.

The CFTC's move follows an earlier direction from Chairman Michael Selig to explore a crypto market framework using the agency's existing statutory authority. Selig said in August that the CFTC was examining ways to establish a market structure for crypto assets without waiting for new legislation.

That approach is reflected in the timing of the latest filing. The agency submitted the rulemaking just days after the Senate failed to advance the Digital Asset Market CLARITY Act.

CLARITY Act Remains Stalled in Senate

The CLARITY Act, which seeks to establish a federal regulatory framework for digital assets and clarify the respective roles of the CFTC and Securities and Exchange Commission, failed to advance in a Senate procedural vote on Sept. 15. The measure did not receive the 60 votes required to proceed.

With legislation stalled, the CFTC is proceeding with a separate regulatory track under its existing powers. The agency's filing does not replace the legislation, nor does it establish the final regulatory structure contemplated by the bill.

The timing also coincides with separate regulatory activity from the SEC. On Sept. 17, the securities regulator introduced an innovation exemption concerning certain tokenized securities, while the CFTC issued separate no-action relief for certain software providers involved in access to regulated derivatives markets.

Details of CFTC Rules Remain Unknown

The most important unanswered question is what the CFTC's proposed framework will contain. The public filing currently provides no detailed text explaining which crypto assets, trading platforms or transactions would be covered.

The rulemaking therefore remains at an early stage. Before any final rules can become effective, the proposal would need to proceed through additional agency review, including a CFTC vote and a public comment process.

For now, the next substantive development will be the release of further details from the CFTC as the “Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets” rulemaking moves through the federal review process.

Writer: Victoria Hale
Technology & Blockchain Writer

Victoria Hale writes about blockchain technology, digital infrastructure, and the intersection of emerging technologies with finance. Her articles explore how new protocols and systems are shaping the evolving digital economy.

She prioritises clarity and accuracy when explaining technical developments to a general audience.