CFTC Sends Crypto Market Rulemaking Package to White House After Senate CLARITY Act Stall

The Commodity Futures Trading Commission has formally submitted a crypto market rulemaking package to the White House for review, taking its clearest step yet toward regulating digital-asset activity under existing authority after Congress failed to advance broader legislation. The Office of Information and Regulatory Affairs (OIRA) docket shows the CFTC filing was received on Sept. 17 and is listed as "Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets" under RIN 3038AF80. OIRA categorizes the matter at the prerule stage, provides no legal deadline for completing its review, and does not disclose the underlying proposal or which markets would be covered. OIRA, part of the Office of Management and Budget, reviews federal regulatory actions before they are published. A February 2025 executive order requires independent agencies to submit covered proposed and final regulatory actions to OIRA before publication in the Federal Register, placing White House review ahead of any public release. The submission came two days after the Senate failed to advance H.R. 3633, the Digital Asset Market Clarity Act, in a Sept. 15 procedural vote. Senators voted 49–50 on cloture for the motion to proceed, falling short of the three-fifths threshold. The vote halted debate at that stage but was not a final vote on the bill. The CLARITY Act would set a framework for digital commodities and split oversight between the CFTC and the Securities and Exchange Commission, including provisions affecting trading platforms and digital commodity activity. Seven Democratic senators who opposed cloture said the following day they remained committed to bipartisan negotiations, and no new Senate vote has been scheduled. CFTC Chair Michael Selig previewed an alternative path during an Innovation Advisory Committee meeting on Aug. 20, saying he had directed staff to explore rules that would codify a crypto asset market structure using authority already available under the Commodity Exchange Act. Under that approach, existing registrants and some unregistered crypto exchanges could seek designation as a designated contract market—specifically as a crypto asset market—and potentially offer leveraged or margined crypto trading under CFTC rules. Selig also instructed staff to examine legal pathways for developers of on-chain finance protocols. OIRA review does not put any new rules into effect. After review, OIRA can work with the agency on revisions before the proposal returns to the CFTC. The commission would then need to vote to publish a proposed rule and open a public comment period, after which it could revise the text and conduct another vote before adopting a final rule. Selig is currently the only listed CFTC commissioner, even though federal law provides for a five-member commission. The agency's commissioner page lists only Selig, who took office in December 2025. The filing also arrives as the CFTC takes other crypto-related actions 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 pursuing separate crypto and tokenized-market initiatives as Congress continues work on broader market-structure legislation. This content is for informational purposes only and does not constitute legal, financial, or investment advice. Regulatory proposals may change during executive review, public comment, and final rulemaking.