The Commodity Futures Trading Commission has made its most concrete formal move yet toward writing crypto market rules on its own authority, sending a regulatory action to the White House for review on Sept. 17 — two days after the Senate failed to advance the CLARITY Act.

The Office of Information and Regulatory Affairs (OIRA) now lists the submission, “Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets” under RIN 3038-AF80, as pending review. It marks the clearest formal step to date in Chairman Michael Selig's plan to pursue crypto rules through the CFTC's existing authority rather than waiting on new legislation — a route that, if carried through, could give trading platforms a supervised federal framework for leveraged crypto activity without a new statute.

The filing carries significance because Congress has not yet delivered the broader statutory framework sought through H.R. 3633, leaving federal regulators to work with the powers they already possess. OIRA has classified the action at the prerule stage, set no legal deadline for completing its review, and the underlying text remains undisclosed. In practical terms, the Sept. 17 submission starts an executive review process rather than putting new crypto trading rules into effect.

White House Review Begins

OIRA received the CFTC filing on Sept. 17 and lists it on its public docket as “Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets” under RIN 3038-AF80. The office classifies the action at the prerule stage and shows no legal deadline for completing the review; the public record likewise offers no target date. The filing does not disclose the proposed text or identify the markets the CFTC plans to cover. Prerule is the earliest stop in the regulatory calendar, used while an agency shapes a proposal, which means both the content and the timing can change before anything is finalized.

OIRA sits within the Office of Management and Budget and reviews federal regulatory actions before publication. Under a February 2025 executive order, independent agencies must submit covered proposed and final regulatory actions to OIRA before publication in the Federal Register. That requirement places White House review ahead of the agency's release of any qualifying proposal.

Senate Setback Shifts Focus to Existing Authority

The CFTC's submission follows the Senate's Sept. 15 procedural vote on H.R. 3633, the Digital Asset Market Clarity Act. Senators voted 49-50 on cloture for the motion to proceed, short of the three-fifths threshold. The failed vote stopped the chamber from moving to debate at that stage, though it did not constitute a final vote on the bill.

The CLARITY Act would create a framework for digital commodities and divide regulatory responsibilities between the CFTC and the Securities and Exchange Commission. The legislation also addresses trading platforms and digital commodity activity. With no new Senate vote scheduled, that statutory division of oversight remains unsettled — which is why the CFTC's own filings have become the near-term reference point for how US crypto trading rules take shape.

Seven Democratic senators who opposed cloture said the next day that they remained committed to bipartisan negotiations. Congress has not scheduled another Senate vote on the measure.

Crypto Asset Market Model Takes Shape

Selig outlined the CFTC's alternative path during an Innovation Advisory Committee meeting on Aug. 20. He said he had directed staff to explore rules that could codify a crypto asset market structure using powers already granted to the agency under the Commodity Exchange Act. His remarks anticipated agency action if Congress failed to complete market-structure legislation.

Under the approach Selig described, the CFTC could allow current registrants and some unregistered crypto exchanges to seek designation as a designated contract market — specifically, a crypto asset market. Those venues could offer leveraged or margined crypto trading under CFTC rules, giving platforms a federal compliance path that does not depend on Congress acting first. Selig also directed staff to examine legal pathways for developers of onchain finance protocols.

Commission Vote and Public Comment Come Next

OIRA review starts an executive process rather than putting the framework into force. The office can work with the CFTC on changes before returning the proposal to the commission, which would then need to vote before publishing the proposed rule and opening a public comment period. Market participants could submit feedback during that stage, before the agency weighs a final version. For readers tracking the rule, the markers to watch are the docket's status at OIRA, the commission vote, and the opening of the comment period — alongside any Senate move to bring H.R. 3633 back to the floor.

Selig currently serves as the only listed CFTC commissioner, although federal law provides for a five-member commission; the agency's commissioner page lists only Selig, who took office in December 2025. After public comments, the CFTC could revise the proposal and would need another commission vote before adopting a final rule.

The filing also comes as the CFTC takes other crypto-related steps under existing law. On Sept. 17, staff issued no-action relief for qualifying passive software providers that connect users with registered derivatives venues and intermediaries. The SEC is separately pursuing crypto and tokenized-market measures while Congress continues work on broader market structure legislation.

This article is for informational purposes only and does not constitute legal, financial or investment advice. Regulatory proposals can change during executive review, public comment and final rulemaking.