The U.S. Commodity Futures Trading Commission has taken another step toward formal rulemaking for crypto-related markets, submitting a regulatory action for White House review as it continues to outline how digital asset transactions could be regulated under existing authorities.

According to a filing posted to the Office of Information and Regulatory Affairs (OIRA) on Reginfo.gov, the action—titled “Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets”—was received on Sept. 17 and is currently listed at the “prerule” stage. That designation signals the process is still early and the agency has not yet issued a formal proposed rule.

Key takeaways

The CFTC filed a new crypto-focused rulemaking action with OIRA on Sept. 17, but it remains in the early “prerule” stage.
The filing does not provide specific regulatory details, suggesting further information will come later in the rulemaking timeline.
Recent U.S. legislative momentum weakened after the Senate failed to advance the CLARITY Act, while both the CFTC and SEC signaled they would proceed with or without new law.
In the days following Sept. 15, the regulators also took separate enforcement-adjacent steps: a CFTC no-action position and an SEC temporary exemption framework.

What the CFTC filing indicates—and what it doesn’t

The OIRA posting for the CFTC’s action, labeled “Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets,” confirms the agency is moving toward a more structured regulatory approach for crypto trading activity and market infrastructure. However, the filing itself does not lay out the substance of what the CFTC intends to regulate, such as which categories of market participants, trading arrangements, or operational requirements would be covered.

The “prerule” listing matters for readers because it usually precedes a proposed rule by moving the action through early interagency or administrative review. That means market participants should treat the filing as a signal of direction rather than a preview of enforceable standards.

For investors and firms planning compliance work, the practical takeaway is that the CFTC is building a pathway toward a dedicated crypto asset market regime. The missing details, meanwhile, leave compliance teams with uncertainty about timing and scope—until a proposal is published.

Legislation stalls as regulators lean on existing authority

The filing arrives shortly after the U.S. Senate did not advance the CLARITY Act, a bill intended to establish a federal framework for regulating crypto markets. With that legislative path effectively blocked in the near term, senior regulators have repeatedly pointed to their ability to move using existing statutory authority.

Coinciding with that backdrop, CFTC Chair Michael Selig posted on X that the agency was “locked in and ready to ship” rules for crypto markets using existing authority. In parallel, SEC Chair Paul Atkins said the SEC would advance “with or without legislation,” as reflected in his posts on X.

Earlier remarks from Selig also suggested that the CFTC had considered a rulemaking approach even if Congress did not act. Speaking at the CFTC’s Innovation Advisory Committee conference on Aug. 20, he said the agency was prepared to use existing authority to establish a crypto asset market regime if the CLARITY Act stalled. He also discussed directing CFTC staff to explore rule concepts that could allow existing registrants and currently unregistered crypto exchanges to operate within a “crypto asset market” structure—an arrangement that would be overseen under CFTC rules and could include leveraged or margined crypto trading.

For the sector, this signals an ongoing tug-of-war between market expectations of comprehensive legislation and the reality that regulators may still set guardrails via rulemaking and targeted regulatory relief.

Regulatory actions after Sept. 15: relief and exemptions move in parallel

A day after the Sept. 15 Senate vote, the CFTC and SEC each took actions that, while different in scope, pointed to a broader theme: regulators are continuing to shape the crypto trading environment even without a new overarching statute.

On the CFTC side, the agency issued a no-action position for providers of passive software, as described in earlier coverage. While the details of eligibility are specific to the no-action framework, it underscores that the CFTC is willing to use regulatory discretion to manage particular technical implementations around crypto trading.

On the SEC side, it announced temporary exemptions for certain platforms facilitating onchain trading of tokenized securities, according to posts on X from the SEC.

Industry reaction: expectation of near-term rulemaking

Outside the regulators, industry leaders have also signaled readiness for regulatory work to proceed. Coinbase CEO Brian Armstrong said he expected regulators to move forward after the vote, stating that the SEC and CFTC have “the tools they need to create clear rules under existing authority.” In that same Sept. 15 X post, Armstrong said he expected them to begin working on the issue “in earnest,” adding that “So clarity is coming to crypto regardless.”

While those comments are not the same as regulatory text, they reflect how market participants are interpreting the balance of power: when legislative clarity is delayed, compliance strategies increasingly have to follow the pace of rulemaking and regulatory relief.

What to watch next

The immediate uncertainty is what the CFTC’s Sept. 17 “prerule” action will translate into once it advances toward a proposed rule—especially around the scope of “crypto asset transactions” and “crypto asset markets.” Market participants should watch for the next OIRA steps and any CFTC releases that clarify which market structures, trading practices, and platform roles will be prioritized.