CFTC Submits Proposed Crypto Rules to White House for Review

• The CFTC submitted proposed rules covering crypto asset transactions and markets to the White House on Sept. 17.
• The proposal remains under review, with its scope, covered assets, venues and market requirements still undisclosed.
• The CFTC and SEC continue crypto rulemaking after the CLARITY Act setback, including software relief and tokenized-stock trading.

The CFTC has sent proposed crypto market rules to the White House for review, two days after Chairman Michael Selig said rules were ready. Filed Sept. 17 under RIN 3038-AF80, the proposal covers crypto asset transactions and markets, while its details remain unpublished during executive review.

According to the federal regulatory portal, the CFTC filing remains at the prerule stage and is pending review. The submission carries two titles: Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets.

The filing does not disclose which assets or trading venues the rules would cover. It also does not specify registration, custody or other market requirements.

Journalist Eleanor Terrett reported that the filing followed Selig’s statement after the Senate failed to advance the CLARITY Act. Selig said the CFTC was “locked in and ready to ship rules” after the vote.

The White House review must occur before the proposal can move toward formal publication and public comment. The filing identifies the Dodd-Frank Wall Street Reform and Consumer Protection Act as its authority. The review process includes the Office of Information and Regulatory Affairs.

The filing shows no legal deadline and does not classify the action as economically significant. Meanwhile, the proposal’s dual title points to both crypto transactions and market structure. However, the final scope remains unknown while the review continues.

The rulemaking follows another CFTC action involving passive crypto software providers. On Sept. 17, the agency issued a no-action position covering certain providers.

The relief covers software facilitating trading with registered futures commission merchants, introducing brokers and designated contract markets. Providers must meet conditions tied to the relief.

The CFTC and SEC have also continued regulatory work after the CLARITY Act setback. The SEC introduced a five-year innovation exemption for qualifying platforms offering onchain trading of certain tokenized stocks.

Meanwhile, Bitcoin had revisited $80,000 despite the regulatory setback and other market developments. The overall crypto market capitalization also rose 5.11% to $2.76 trillion, according to the provided data.