CFTC submits crypto market regulation package to White House for review

# What happened

House Office of Information and Regulatory Affairs on Sept. 17. The filing is titled "Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets" and is listed at the prerule stage.

The filing itself does not disclose the substance of the planned rules. Prerule indicates the CFTC has started the internal review and interagency clearance process but has not yet published a proposed rule for public comment.

# Why this matters now

The submission came days after the Senate failed to advance the CLARITY Act, a bill that would have provided a federal statutory framework for crypto markets. CFTC Chair Michael Selig had said previously the agency would use existing authorities if legislation stalled. The prerule filing shows the agency is following through on that position.

The CFTC is not acting in isolation. The Securities and Exchange Commission announced temporary exemptions for certain platforms facilitating onchain trading of tokenized securities, while the CFTC issued a no-action position for providers of passive software the day after the Senate vote. Those parallel moves indicate both agencies intend to regulate crypto activity under current law rather than wait for new legislation.

# What the filing tells you—and what it doesn't

The filing names two items: Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets. It was received by OIRA on Sept. 17 and is categorized as prerule. Beyond the title and stage, the filing provides no regulatory text, scope, or specific provisions.

Because the submission is prerule, expect several procedural steps before any enforceable rule appears: internal drafting, OIRA review, a proposed rule publication, public comment, and a final rule. Timelines for those steps are not disclosed in the filing.

# Timeline and recent context

• Aug. 20: Chair Michael Selig told the CFTC Innovation Advisory Committee the agency could use existing authority to build a crypto market regime if legislation stalled.
• Sept. 15: The Senate failed to advance the CLARITY Act. CFTC and SEC leadership signaled they would move forward. Coinbase CEO Brian Armstrong posted that regulators have the tools to create rules under existing authority.

• Sept. 17: The CFTC submitted the two-part package to OIRA and it entered prerule status.

# Likely next steps and implications

The CFTC will proceed through the standard federal rulemaking pipeline. Expect OIRA review, additional internal drafting, and eventual publication of a proposed rule with a public comment period. The agencies' willingness to act without new legislation means market participants, exchanges, and software providers should anticipate new compliance requirements issued by administrative rule rather than a new statute.

For market participants, the immediate implications are procedural: monitor OIRA docketing, watch for a proposed rule, and evaluate how existing registrations or platform models might map to any future CFTC designations such as a potential "crypto asset market."

# Stakeholder reactions in the record

Public commentary cited in reporting includes CFTC Chair Michael Selig's prior statements that the agency was prepared to act under current authority and Coinbase CEO Brian Armstrong's expectation that regulators would move ahead after the Senate vote.

# Bottom line

The CFTC has formally started a rulemaking process for crypto transactions and markets by filing a prerule package with OIRA. The filing signals the agency intends to regulate the sector under existing authority following the CLARITY Act's failure to advance. Specific rules, timelines, and compliance obligations remain to be published.