CFTC submits crypto market regulation plan for White House review

The U.S. Commodity Futures Trading Commission (CFTC) has filed a regulatory action titled “Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets” with the Office of Information and Regulatory Affairs for White House review. The filing, received on September 17, places the proposal in the “prerule” stage, indicating it is an early‑stage rulemaking effort and not yet a formal proposal.

Context and Timing

The filing follows the Senate’s decision not to advance the CLARITY Act, a bill intended to create a federal framework for crypto markets. The CFTC’s move signals the agency’s intent to proceed using its existing statutory authority.

Agency Statements

• CFTC Chair Michael Selig posted on X that the agency is “locked in and ready to ship” crypto market rules.
• SEC Chair Paul Atkins indicated the securities regulator will act “with or without legislation.”

Related Regulatory Actions

• The CFTC issued a no‑action position for providers of passive trading software.
• The SEC announced temporary exemptions for platforms facilitating on‑chain trading of tokenized securities.

Future Direction

In August, CFTC staff were directed to explore a framework that could designate existing registrants and unregistered crypto exchanges as a new type of “crypto asset market,” allowing leveraged or margined crypto trading under CFTC oversight. Industry leaders, including Coinbase CEO Brian Armstrong, have expressed expectations that clear rules will emerge using existing regulatory tools.