The U.S. Commodity Futures Trading Commission, or CFTC, has taken a new step toward clearer rules for the crypto market. On September 17, the agency sent a crypto rulemaking package to the Office of Information and Regulatory Affairs, or OIRA, within the White House’s Office of Management and Budget.
The news came on September 18, 2026, just days after the CLARITY Act failed to pass a key Senate vote. The move shows that work on crypto market rules can continue at the federal agency level even without a new law from Congress.
The CFTC filed two related rulemaking titles: “Regulation Crypto Asset Transactions” and “Regulation Crypto Asset Markets.” The agency has not yet released full details of the proposed rules, so the exact requirements for exchanges, traders and other crypto firms remain unclear.
What Is OIRA?
OIRA is a part of the White House’s Office of Management and Budget. It reviews many major federal regulations before agencies can publish them.
A rule sent to OIRA has not yet become a final rule. The filing is part of the federal regulatory process. OIRA can review the proposal, ask questions or seek changes before the agency takes the next step.
For the crypto sector, however, the filing itself matters. It shows that the CFTC has moved its work from an internal stage into a formal federal review process.
The CFTC declined to provide details about the proposed rules when asked by The Block. That means market participants must wait for more documents before they can know exactly what the agency plans to change.
The Timing Matters
The CFTC action came only days after the Senate failed to advance the CLARITY Act.
The bill was designed to create a broad federal framework for digital assets in the United States. It would have addressed questions about which digital assets fall under the SEC, which belong under the CFTC and how crypto platforms should operate.
The bill failed during a procedural Senate vote on Tuesday. Democratic negotiators cited ethics concerns as a major reason for their opposition, according to The Block. The result left the crypto industry without the broad market structure law that had been under discussion for more than a year.
The CFTC’s latest filing therefore has extra importance. The agency is now pursuing its own rulemaking under powers that it already has, rather than waiting for Congress to pass the CLARITY Act.
CFTC Plans to Use Existing Powers
CFTC Chair Michael Selig had already said the agency could act if Congress failed to pass the bill.
In an August speech, Selig said he had directed staff to examine ways for developers to offer protocols under a suitable regulatory structure. He also said the CFTC was looking at rules that could create a market structure for crypto assets through the agency’s existing authority.
That earlier statement now has a direct link to the latest filing.
Selig said such a system could allow existing registrants and some non-registered crypto exchanges to receive a new type of designation as a designated contract market, or DCM. The CFTC could call this type of platform a crypto asset market.
Under the approach described by Selig, these markets could offer crypto trading with leverage or margin under rules designed for digital assets.
What Could Change for Crypto Exchanges?
The proposed rules could have major effects on crypto exchanges if they become final in a form close to the ideas already described by Selig.
A DCM is a regulated trading platform that can offer certain futures and other derivatives products under CFTC oversight. The agency’s proposed crypto market structure could create a route for some crypto platforms to operate under a CFTC framework.
The exact scope is not clear yet.
The CFTC has not published the full text of the new rulemaking package. Until those documents become public, it is not possible to say which assets, trading products or platforms would qualify.
What is clear is that the agency wants to make greater use of its existing authority.
This could matter most for crypto companies that have faced uncertainty over which federal regulator should oversee their activities.
Why the CLARITY Act Still Matters
The CFTC action does not replace the CLARITY Act.
A federal agency rule and an act of Congress are different. Congress can create or change statutory authority, while an agency must work within the powers already granted by law.
The CLARITY Act sought to create a wider legal framework for digital assets. It would have addressed the division of authority between federal regulators and established rules for parts of the crypto market.
The new CFTC effort has a narrower legal foundation because it must rely on existing authority.
That difference is important. The agency may be able to address some market structure questions on its own, but it cannot simply create powers that Congress has not given it.
SEC Also Moves on Crypto
The CFTC is not the only federal agency that has taken action this week.
On Thursday, September 17, the Securities and Exchange Commission released its long-awaited “innovation exemption.” The measure is meant to create room for on-chain trading of tokenized stocks.
Tokenized stocks are digital versions of traditional shares that use blockchain technology. Instead of relying only on traditional market systems, a tokenized share can exist on a blockchain.
The SEC’s move adds to the broader shift toward more formal rules for blockchain-based financial products.
Together, the SEC and CFTC actions show that U.S. regulators continue to work on digital asset policy even after the Senate setback for the CLARITY Act.
CFTC Gives Software Developers Some Relief
The CFTC also issued a “no-action position” on September 17 for certain software developers.
Under the position, the agency said it would not recommend enforcement against qualifying developers for failure to register as introducing brokers, provided they meet certain conditions.
This is separate from the larger crypto market rulemaking, but it fits into the same broader effort.
Software developers can play a central role in decentralized finance and blockchain systems. They may create tools that allow users to interact with markets without operating a traditional financial company.
The CFTC’s position gives some developers a clearer idea of how the agency may treat their work under existing law.
The conditions still matter. The relief is not a blanket exemption for every developer or every crypto project.
What Could Happen to Leveraged Crypto Trading?
One of the most notable ideas from Selig’s August speech concerns leveraged and margined crypto trading.
Leverage allows traders to take a larger market position than the amount of money they directly provide. Margin systems use collateral to support such trades.
These products can create larger gains, but they can also create larger losses. That is why regulators pay close attention to them.
Selig’s comments suggest that the CFTC may seek a specific framework for crypto markets that offer these products. If the proposal becomes a final rule, eligible exchanges could have a clearer route to offer such services under CFTC supervision.
However, no final requirements have been announced yet.
The Rulemaking Process Is Not Finished
The latest filing is only one step in a longer process.
OIRA must review the proposal. More information should become available once the CFTC releases the relevant documents. Depending on the type of rule, the public may then receive an opportunity to submit comments.
After review and public input, the agency could revise the proposal before it becomes final.
This means crypto businesses should not treat the September 17 filing as a finished regulatory framework. It is a formal step toward a possible new set of rules, not the final rule itself.
The current lack of detail also means there is uncertainty about the exact effect on exchanges, token issuers, developers and traders.
A New Route for U.S. Crypto Regulation
The latest CFTC move shows how U.S. crypto policy can advance through two different paths.
One path is legislation from Congress, such as the CLARITY Act. The other is rulemaking by agencies such as the CFTC and SEC under their existing legal powers.
The failure of the CLARITY Act has put more attention on the second path.
CFTC Chair Michael Selig had already said the agency would use its existing powers if Congress did not act. The filing with OIRA now provides evidence that this approach is moving forward.
For the crypto sector, the next major event will be the release of more information about the two CFTC proposals.
What Comes Next
The September 18 news does not provide a final answer on how U.S. crypto market rules will look. It does, however, show that the regulatory process has not stopped after the Senate setback.
The CFTC has formally sent “Regulation Crypto Asset Transactions” and “Regulation Crypto Asset Markets” to OIRA for review. The SEC has also released its innovation exemption for on-chain trading of tokenized stocks. The CFTC has separately issued its no-action position for certain software developers.
The next stage will depend on the contents of the CFTC proposals and the outcome of the OIRA review.
For exchanges and other crypto companies, the main question is simple: how much of the market can the CFTC regulate through its existing powers?
For traders and investors, the answer could shape the rules for crypto markets in the United States for years to come.
For now, one fact is clear. The Senate’s failure to advance the CLARITY Act has not stopped U.S. crypto rulemaking. The CFTC is moving ahead through the authority it already has, while the details of its new market framework remain under review.
Also Read – ETF Liquidity vs Underlying Liquidity: A Practical Investor Test
