The US Commodity Futures Trading Commission (CFTC) has submitted a comprehensive crypto market regulation framework to the White House Office of Management and Budget (OMB), days after the Senate failed to advance the Clarity Act. The submission, documented on September 17, remains in the "prerule" phase — the earliest stage of the federal rulemaking process and an indication that substantial development work lies ahead — and specifics of the proposal have not been disclosed. The filing appeared on the OMB's regulatory review website, which logs pending agency rules and serves as the checkpoint where the White House budget office reviews significant agency rules before they can advance.

At a Glance:

• On September 17, the CFTC forwarded a comprehensive crypto market regulation framework to the White House Office of Management and Budget.
• Congressional efforts to pass the Clarity Act collapsed earlier that week, prompting federal agencies to turn to their existing regulatory powers.
• The SEC introduced an "innovation exemption" giving qualified platforms a five-year runway for onchain tokenized equity trading.
• A CFTC no-action letter now permits technology providers to link users with derivatives platforms without broker registration requirements.
• Coinbase CEO Brian Armstrong declared that regulatory clarity would arrive "regardless" of the Senate's decision.

CFTC Submits Crypto Market Rule Proposal for White House Review as CLARITY Act Stalls

A regulatory filing on the White House Office of Management and Budget (OMB) website indicates that the US Commodity Futures Trading Commission (CFTC) submitted a proposal to regulate… pic.twitter.com/XJSzJ9k1MK

— Wu Blockchain (@WuBlockchain) September 18, 2026

Officially designated "Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets," the proposal does not yet reveal its scope regarding covered assets or the compliance obligations it would impose on trading platforms. Following the OMB's examination, the framework will return to the CFTC for an initial vote alongside a public comment period — a multi-stage administrative sequence that differs from the single statutory framework the stalled Clarity Act would have created. Implementation would then require an additional approval vote.

Congressional Legislative Effort Stalls

The Clarity Act, designed to establish nationwide standards for digital asset markets, failed to gain sufficient support during the September 15 Senate proceedings. Within 24 hours of the legislative setback, CFTC Chair Michael Selig declared via X that his agency remained "locked in and ready to ship" regulations leveraging current statutory powers. SEC Chair Paul Atkins echoed the commitment, stating his commission would proceed "with or without legislation." The twin statements underscored a pivot among federal agencies toward exercising existing regulatory powers after congressional efforts collapsed earlier that week.

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— Mike Selig (@ChairmanSelig) September 16, 2026

elig had telegraphed this approach weeks earlier. During an Innovation Advisory Committee gathering on August 20, he indicated the CFTC stood ready to implement regulations should congressional action falter. He also revealed having instructed agency personnel to develop frameworks enabling both registered and unregistered crypto trading venues to achieve "crypto asset market" designation — a specialized contract market category permitting leveraged cryptocurrency trading under CFTC supervision.

SEC Establishes Framework for Tokenized Equity Trading

Coinciding with the CFTC's White House submission, the SEC unveiled an "innovation exemption" initiative. The provision grants eligible platforms a five-year authorization period for facilitating onchain trading of specified tokenized equities without formal securities exchange registration. Tokenized equities are conventional shares represented as blockchain tokens, and the time-bounded structure gives eligible platforms a defined operating window under the exemption's terms rather than a full exchange-registration regime. Both regulators emphasize a collaborative approach to establishing transparent guidelines for the cryptocurrency sector within existing statutory frameworks.

The CFTC simultaneously released a no-action letter on Friday, enabling designated software platforms to facilitate user access to regulated derivatives marketplaces without introducing broker registration requirements. Under the relief, these platforms may promote particular contracts and receive transaction-dependent compensation. They are, however, prohibited from maintaining customer assets, generating trade recommendations, or controlling order execution pathways — limits that keep participating platforms on the access side of the broker function rather than the custody, advice, and execution activities that registration governs.

The exemption incorporates requirements including risk disclosure statements and documentation protocols. It remains effective until the CFTC establishes permanent regulations governing software developer activities.

Following the Senate vote, Coinbase CEO Brian Armstrong emphasized that regulatory agencies possess sufficient authority to act independently. "So clarity is coming to crypto regardless," he posted on X on September 15. The remarks came as regulators signaled they would continue advancing crypto rules through their existing authorities. With the Clarity Act stalled, the OMB filing, the innovation exemption, and the no-action letter now collectively define the nearer-term path for US crypto market rules, with the CFTC's initial vote — and the unveiling of the proposal's still-undisclosed scope — the next concrete milestones to watch.