WASHINGTON — The Commodity Futures Trading Commission submitted its crypto asset rulemaking to the White House Office of Information and Regulatory Affairs on Sept. 17, 2026, two days after the Senate rejected the CLARITY Act by a 49-50 vote.

The filing, identified on Reginfo.gov as RIN 3038-AF80 and titled "Regulation of Crypto Asset Transactions and Crypto Asset Markets," sits at the prerule stage—meaning the CFTC has notified the White House of its intent to draft a proposed rule but has not yet published it for public comment. Its specific contents remain confidential during White House review.

CFTC Chairman Michael Selig said on the day of the Senate vote that the agency was "locked in and ready to ship rules." The filing delivers on that commitment, invoking the CFTC's authority under the Dodd-Frank Act—a 2010 statute governing leveraged, margined, and derivatives-style trading—to establish market structure rules for crypto assets without awaiting Congressional action.

Selig outlined his regulatory vision in an August 2026 speech, detailing a plan to "codify a CFTC market structure for crypto assets using the agency's existing authorities." The framework includes creating a new Designated Contract Market (DCM) category that would permit unregistered crypto exchanges to offer leveraged trading under direct CFTC oversight. The rule's dual title—combining "Crypto Asset Transactions" (trade, custody, settlement) with "Crypto Asset Markets" (structuring and registration of trading venues)—mirrors the CLARITY Act's two-part division.

The filing notes no legal deadlines and identifies no international impacts or annual economic impact of $100 million or more. This classification may accelerate the White House review process.

However, JPMorgan analysts have flagged a structural vulnerability: agency rules lack the durability of Congressional legislation. Future Commissions or court decisions retain the power to revise or overturn them, creating regulatory risk for exchanges and market participants.

The prerule stage is the first step in a multi-phase process requiring two comment periods and two Office of Information and Regulatory Affairs reviews before a binding rule can be finalized—not anticipated until late 2027.