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The CFTC has sent its proposed crypto rulemaking to the White House's Office of Information and Regulatory Affairs, or OIRA, for review. The filing covers "Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets," putting the agency's market-structure push into the federal review process.
Why it matters
The move comes after the Clarity Act failed in a Senate procedural vote on Tuesday. With comprehensive legislation stalled, federal agencies are using existing authorities to advance rules for digital-asset markets. CFTC Chair Michael Selig has said the agency would act if the bill stalled, including exploring a framework for crypto markets under CFTC oversight.
The regulatory push is unfolding alongside political scrutiny of President Trump's crypto-related wealth and ties to World Liberty Financial and his memecoin. Democratic negotiators cited ethics concerns in opposing the bill, adding another layer to the debate over how the administration is writing crypto rules.
Market impact
The CFTC's filing is not yet a final rule, and the agency declined to comment on its details. Its direction nevertheless matters for exchanges, derivatives venues and institutions seeking a clearer path for crypto trading under federal supervision.
The same day, the SEC released its long-anticipated innovation exemption for onchain trading of tokenized stocks. The CFTC also issued a no-action position for software developers, saying it would not recommend enforcement over failure to register as introducing brokers when specified conditions are met. Together, the actions point to a regulatory framework taking shape through agency decisions while Congress remains deadlocked.
Frequently asked questions
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What crypto rules did the CFTC send for White House review?
The filing covers proposed rules titled "Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets." It was sent to OIRA, which reviews federal regulations before publication.
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Why is the CFTC acting after the Clarity Act failed?
The Clarity Act failed in a Senate procedural vote on Tuesday. CFTC Chair Michael Selig has said the agency would use its existing authorities if comprehensive legislation stalled.
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What could the CFTC framework cover?
Selig has described a possible CFTC market structure for crypto assets, including crypto exchanges designated as a type of derivatives market and trading under purpose-fit rules.
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What other crypto actions happened alongside the CFTC filing?
The SEC released an innovation exemption for onchain trading of tokenized stocks. The CFTC also issued a no-action position for software developers that meet specified conditions.
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Is the CFTC crypto rulemaking already final?
No. The proposed rulemaking is undergoing White House review through OIRA, and the CFTC declined to comment on its details.
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