CFTC Files Crypto Market Rulemaking at White House

The U.S. Commodity Futures Trading Commission sent a crypto-asset rulemaking to the White House for review on September 17, 2026, moving to build a federal framework for digital-asset trading through its existing authority after market-structure legislation stalled in Congress, according to The Block and PYMNTS.

The filing marks a shift in strategy: rather than wait for Congress to assign it a statutory mandate, the agency is attempting to establish a crypto regime using the powers it already has. It also signals that U.S. crypto policy, at least in the near term, will be shaped primarily by regulators rather than lawmakers.

Background: regulating crypto through existing authority

The CFTC oversees U.S. derivatives markets, including futures and swaps, and has long asserted that many crypto assets are commodities within its purview. The CLARITY Act would have formally designated it the primary crypto regulator, but after the Senate declined to advance that bill on September 15, 2026, the agency moved to build a framework under the powers it already holds, The Block and PYMNTS reported.

The filing is also part of a wider burst of September 2026 regulatory activity. In the same stretch, the SEC issued an innovation exemption for tokenized securities, reflecting a pattern of agencies acting administratively while comprehensive legislation remains stalled, as reported separately by CoinDesk and The Block.

What did the CFTC file?

The Block reported the agency submitted a package titled “Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets” to the Office of Information and Regulatory Affairs (OIRA), the unit within the Office of Management and Budget that reviews federal regulations before they are published.

PYMNTS reported the proposal had not yet been publicly posted as of September 18, the day after the submission, and that the specific text was not yet available for review. The agency declined to detail the proposal’s contents at the filing stage.

Where is it in the process?

The filing sits at the OIRA review stage, which precedes publication of a proposed rule for public comment. In practical terms, that means the obligations the rule would impose on exchanges, intermediaries and custodians are not yet public, and no comment period has opened. A proposal typically becomes concrete only when the agency publishes a notice of proposed rulemaking after White House review.

The Block reported the CFTC is exploring how crypto exchanges could be designated as a specialized form of “designated contract market” (DCM), a registered-exchange category under CFTC oversight. Such a structure could, in principle, accommodate leveraged crypto trading within a regulated venue, though the details will depend on the eventual proposed rule.

A DCM is the CFTC’s category for a regulated futures exchange, so adapting it for crypto spot or derivatives trading would be a notable extension of existing frameworks. The Block cautioned that, with the text still confidential during White House review, it is not yet clear exactly which activities the rule would capture or how it would interact with the SEC’s separate authority over tokens deemed securities.

Why is the CFTC acting now?

The move followed the Senate’s failure to advance the Digital Asset Market CLARITY Act on September 15, a bill that would have designated the CFTC as the primary crypto regulator, PYMNTS reported. With that legislative path blocked, the agency opted to proceed administratively.

CFTC Chairman Michael Selig had already signaled in August that the agency would not wait for Congress. “We owe it to the American people to do so,” Selig said, per PYMNTS. “President Trump promised to deliver a crypto asset market structure, and we will help him deliver if Congress will not.” The September filing put that pledge into motion.

Why it matters

The filing matters because it signals that the near-term architecture of U.S. crypto oversight is likely to be set by regulators acting under existing law rather than by a new statute, The Block and PYMNTS reported. If the CFTC ultimately treats certain crypto exchanges as a form of designated contract market, it would extend a long-standing futures-exchange category to digital-asset trading and could, in principle, accommodate leveraged crypto trading within a regulated venue.

It also underscores the unresolved jurisdictional question between the CFTC and the SEC, which oversees tokens deemed securities. With the proposal’s text confidential during White House review, The Block cautioned it is not yet clear exactly which activities the rule would capture or how it would interact with the SEC’s separate authority.

The move is a notable assertion of agency authority: rather than await a statutory mandate from Congress, the CFTC is attempting to establish a crypto regime using the powers it already has, The Block and PYMNTS reported, a choice that puts regulators, rather than lawmakers, at the center of near-term U.S. crypto policy.

How has the industry responded?

Coinbase CEO Brian Armstrong said the sector cannot afford to wait for legislation, telling PYMNTS that “the SEC and CFTC have the tools they need to create clear rules under existing authority, and I expect will begin working on this in earnest.” The comment reflects a broader industry pivot toward engaging with regulators directly after the legislative setback.

The CFTC’s filing also arrived alongside separate SEC action in the same week, including the agency’s innovation exemption for tokenized securities, reinforcing a pattern of agencies moving in parallel.

What should market participants watch next?

Because the rulemaking remains under OIRA review, the key milestone to watch is publication of a notice of proposed rulemaking, which would open a public comment period and reveal concrete requirements for trading, custody and clearing. Until then, the filing signals direction and intent rather than binding obligations. The Block reported that Selig had also directed staff to explore how developers could offer protocols under the new rules, another thread to watch as the proposal takes shape.

Firms should monitor the federal regulatory agenda and the CFTC’s own announcements for the proposal’s release and comment deadlines, and should avoid treating the pre-rule filing as a settled standard. This article is informational and not legal advice.