The U.S. Commodity Futures Trading Commission (CFTC) has proposed new rules to regulate digital asset transactions and markets, moving forward with a federal oversight framework even as congressional legislation remains stalled.

In a Monday release, the agency said the proposed rules would allow U.S. crypto exchanges to opt into a federal regulatory regime. If approved, the new rules would allow crypto exchanges offering leveraged trades to register with the regulator. Leveraged trading lets market participants amplify their exposure to price moves using borrowed funds — an area closely tied to the CFTC's traditional oversight of derivatives markets.

The announcement came despite lawmakers blocking the Clarity Act last month, with the CFTC and the Securities and Exchange Commission (SEC) pressing ahead with rules to regulate the digital asset industry. The two agencies oversee different parts of U.S. financial markets — the CFTC over derivatives and commodities, the SEC over securities — and Congress has yet to pass legislation settling where most digital assets fall between them.

“Today’s action is a critical step in the CFTC’s ongoing efforts to ensure America remains the crypto capital of the world,” Chairman Mike Selig said.

He added: “The Commission’s announcement begins our process of new rulemakings grounded in the CEA’s purpose and President Trump’s directive to propose a federal crypto asset regulatory market structure using the CFTC’s existing statutory authorities.”

JUST IN: CFTC proposes rules to regulate U.S. crypto markets. "Today’s action is just the beginning…America can lead the next generation of financial technology without repeating the mistakes of the last one." pic.twitter.com/jTL52Aqhbi — Bitcoin Magazine (@BitcoinMagazine) October 5, 2026

The Clarity Act seeks to formally divide oversight between regulators, distinguishing which digital assets are securities, commodities, or stablecoins. The bill stalled and stumbled this year, however, as the banking lobby had issues with crypto companies paying customers stablecoin rewards, and some lawmakers — mostly Democrats — were concerned about the ethics side of the legislation.

Regulators are drafting rules the crypto industry has long called for regardless.

Selig, formerly chief counsel at the SEC’s Crypto Task Force, said last month that the regulator was preparing for the transition of markets moving “24-7, on-chain.”

The SEC — also run by a pro-crypto regulator — went ahead and approved tokenized stocks trading in September. That came after it proposed its own framework for crypto asset offerings in August, pressing ahead while the landmark legislation stalled.

U.S. President Donald Trump campaigned on a ticket to help the digital asset industry and, since taking office, has signed pro-crypto legislation and executive orders. In August, Trump urged lawmakers to get the Clarity Act over the line, calling the proposed legislation “very powerful.”

The CFTC’s preliminary rulemaking notice is open for public comment for 60 days after it is published in the Federal Register. After that, the agency will review the feedback and decide whether to issue a formal proposed rule, which would go through another comment period before any final rule is adopted. That multi-step sequence means binding requirements remain several stages away, leaving two things to watch: the response the proposal draws during the comment window, and whether momentum returns in Congress for the Clarity Act.

This article first appeared on Bitcoin Magazine and is written by Mathew Di Salvo.