CFTC Sends Crypto Market Rule Proposal to White House for Review

The U.S. Commodity Futures Trading Commission (CFTC) has forwarded a proposed rulemaking covering crypto asset transactions and crypto asset markets to the White House for regulatory review, signaling a renewed push to set federal standards for the sector. A filing dated September 17 appears on reginfo.gov under RIN 3038AF80, titled "Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets." The entry shows the initiative has entered executive review without any published rule text, a step widely viewed as the clearest indication yet that the CFTC plans to pursue crypto market regulation using its existing authority. The reginfo.gov dashboard lists the CFTC as the responsible agency and places the project at the prerule stage, with no legal deadline indicated. It is flagged under the DoddFrank Wall Street Reform and Consumer Protection Act, is not labeled economically significant, and notes no international impacts. The review runs through the process established under Executive Order 12866, which routes agency rules to the White House Office of Information and Regulatory Affairs (OIRA) before they can be formally proposed. The dual title suggests the commission intends to tackle both how crypto asset transactions are conducted and how the trading venues and market structure are regulated. Since reginfo.gov does not publish the underlying draft, key definitions and compliance obligations remain undisclosed. Timing is notable. The submission comes the same week the Senate failed to advance the CLARITY Act, legislation that would have granted the CFTC primary authority over digital asset spot markets, after a 4950 cloture vote. With that path stalled, the filing points to the commission moving ahead through rulemaking rather than waiting for Congress to clarify its mandate. Next, OIRA must complete its review before any proposal can be sent to the Federal Register for public comment. At this stage, the effort remains a draft under review, and specifics around registration, custody, and market oversight have yet to be set. Market participants have pushed for clearer federal rules on supervision of digital asset markets, and the filing offers a concrete milestone for the industry to track. The move also extends the CFTC's growing crypto presence, following the agency's recent expansion of noaction relief for passive crypto software providers. A subsequent formal proposal would open a public comment period and could shape how U.S. venues and intermediaries handle digital assets.