The Commodity Futures Trading Commission has sent proposed rules for crypto asset transactions and markets to the White House for review, filing the submission on Sept. 17 under RIN 3038-AF80. The filing came two days after Chairman Michael Selig said the agency's rules were ready to be released.

The proposal remains unpublished during executive review, with its scope, covered assets, trading venues, and market requirements still undisclosed. The move arrives as the CFTC and the Securities and Exchange Commission continue crypto rulemaking after the Senate failed to advance the CLARITY Act.

CFTC Filing Enters White House Review

According to the federal regulatory portal, the CFTC filing remains at the prerule stage and is pending review. The submission carries two titles: “Regulation Crypto Asset Transactions” and “Regulation Crypto Asset Markets.”

Because the listing sits at the prerule stage, the White House review is the first formal gate in a process that ultimately allows public scrutiny of the text, and the dual titles indicate the CFTC intends to address both transaction activity and market structure within a single rulemaking.

The filing does not disclose which assets or trading venues the rules would cover, nor does it specify registration, custody, or other market requirements. While the proposal's dual title points to both crypto transactions and market structure, the final scope remains unknown while the review continues.

Journalist Eleanor Terrett reported that the filing followed Selig's statement after the Senate failed to advance the CLARITY Act. Selig said the CFTC was “locked in and ready to ship rules” following the vote (X post).

Proposed Rules Remain Under Wraps

White House review must conclude before the proposal can move toward formal publication and a public comment period. The filing identifies the Dodd-Frank Wall Street Reform and Consumer Protection Act as its authority, and the review process includes the Office of Information and Regulatory Affairs.

The filing shows no legal deadline and does not classify the action as economically significant, leaving the timing of publication tied to the review itself. For observers, the markers to watch are the conclusion of the review, the release of the proposal text, and the opening of a comment window in which market participants can respond to the scope questions the filing leaves open, from covered assets and venues to registration and custody requirements.

CFTC Expands Crypto Actions

The rulemaking follows another CFTC action involving passive crypto software providers. On the same day, the agency issued a no-action position covering certain providers. The relief covers software facilitating trading with registered futures commission merchants, introducing brokers, and designated contract markets, subject to conditions tied to the relief.

The SEC, for its part, introduced a five-year innovation exemption for qualifying platforms offering onchain trading of certain tokenized stocks, extending the regulatory work continuing after the CLARITY Act setback. Read together, the moves show both agencies advancing crypto frameworks through administrative actions while the CLARITY Act remains stalled in the Senate.

Meanwhile, Bitcoin had revisited $80,000 despite the regulatory setback and other market developments. The overall crypto market capitalization also rose 5.11% to $2.76 trillion, according to market data.