The Commodity Futures Trading Commission has sent a proposal covering crypto-asset transactions and markets to the White House Office of Management and Budget for review, moving an agency-led regulatory plan forward days after the Senate stalled a broader crypto bill.
A federal regulatory docket says the proposal was received on September 17 and identifies it as a “prerule,” an early stage rather than a finished regulation. No legal deadline is listed.
The proposal's scope is still under wraps
CoinDesk reports that the draft's contents have not been disclosed. That leaves open which crypto assets it would cover, what participating exchanges might have to do, and how broadly the CFTC believes it can act under existing law.
The outlet says the draft would return to the CFTC after OMB review for a commission vote and public comment. A final version would require another vote before taking effect. CFTC Chair Michael Selig had previously directed staff to develop a market structure framework using the agency's current authority if Congress did not pass new legislation.
Agency action follows the CLARITY Act vote
The filing came two days after the Senate failed to advance the Digital Asset Market CLARITY Act. The Associated Press reported that the 49-50 vote fell short of the 60 votes needed to proceed, with Democrats demanding stronger safeguards around President Donald Trump's crypto interests. Several senators who opposed moving ahead said negotiations could continue.
The congressional setback leaves regulators to work within their existing statutory powers unless lawmakers revive the broader legislation. For now, the CFTC filing begins a review process. It does not establish new rules by itself.
