The U.S. Commodity Futures Trading Commission (CFTC) has moved forward with a new regulatory initiative aimed at establishing rules for crypto asset transactions and markets, sending the proposed rulemaking to the White House for review.
The regulatory action, listed under the title “Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets,” was submitted to the White House Office of Information and Regulatory Affairs (OIRA) on September 17, according to regulatory records and reports published on September 18.
The filing marks an early stage in the CFTC’s effort to develop a bigger framework for digital asset markets using the agency’s existing regulatory authority.
The proposal is currently classified at the pre-rule stage, meaning the CFTC has not yet released a formal proposed rule for public comment. The filing therefore does not immediately create new requirements for crypto companies, exchanges, traders or other market participants.
Details of the proposed rules have also not yet been made public. The regulatory filing does not currently specify which crypto assets, transactions, trading platforms or market intermediaries would be covered.
The CFTC’s move comes shortly after the U.S. Senate failed to advance the CLARITY Act, a major piece of legislation intended to establish a federal regulatory framework for digital assets.
On September 15, the Senate voted 50-49 on a procedural motion to advance the bill, falling short of the 60 votes required. The legislation therefore did not move forward, although the vote does not permanently prevent lawmakers from reconsidering the measure. With the legislation stalled, the CFTC is continuing its work on crypto regulation under authorities already available to the agency.
CFTC Chairman Michael Selig had previously indicated that the agency was preparing to develop crypto market rules even without new legislation from Congress. The latest filing formally moves that effort into the federal regulatory review process.
The CFTC’s latest action also follows broader efforts by U.S. financial regulators to clarify how existing laws apply to digital assets.
In March 2026, the CFTC and the Securities and Exchange Commission (SEC) issued a joint regulatory interpretation addressing the application of federal securities laws to certain types of crypto assets and transactions. The interpretation covered areas including digital commodities, protocol mining and protocol staking, while the CFTC provided guidance related to the SEC’s interpretation.
The two agencies have also been working toward greater coordination in overseeing the digital asset sector. Earlier regulatory efforts have focused on clarifying the distinction between assets and activities that fall under securities laws and those that may come under the commodities framework administered by the CFTC.
The latest CFTC filing could therefore become another step toward defining how crypto markets operate within the existing U.S. regulatory system.
However, the agency’s submission to OIRA does not mean the rules have been finalized. OIRA must first review the regulatory action before the process can proceed. The CFTC would then need to take additional steps, including formally proposing any rules and allowing members of the public and affected industries to submit comments. Only after those stages would the agency be in a position to finalize the regulations.
The absence of detailed text also means the potential impact on crypto exchanges, trading platforms, token issuers, derivatives markets and other digital asset businesses cannot yet be determined.
For now, the filing establishes that the CFTC is formally pursuing rulemaking covering crypto asset transactions and crypto asset markets, while Congress’s broader effort to establish a statutory market-structure framework remains stalled.
As the regulatory review progresses, additional details from the CFTC are expected to clarify the scope of the proposed framework, the activities it would regulate and how the agency intends to exercise its authority over the growing U.S. crypto market.
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