The Commodity Futures Trading Commission submitted its crypto market structure rulemaking to the White House Office of Information and Regulatory Affairs on Sept. 17, 2026. The filing, identified on Reginfo.gov as RIN 3038-AF80, is titled Regulation of Crypto Asset Transactions and Crypto Asset Markets.
The action came two days after the Senate rejected the CLARITY Act by a vote of 49-50. The CLARITY Act aimed to establish a market structure framework by defining regulatory jurisdiction for digital assets.
CFTC Chairman Michael Selig said on the day of the Senate vote that the agency was "locked in and ready to ship rules." In an August 2026 speech, Selig outlined his plan to explore rules that would "codify a CFTC market structure for crypto assets using the agency's existing authorities."
The filing currently sits at the prerule stage, meaning the CFTC has notified the White House of its intention to draft a proposed rule. Its contents remain confidential during the OIRA review process.
The prerule document is an advance notice and does not require immediate compliance from exchanges. The process requires two comment periods and two OIRA reviews before a binding rule could arrive in late 2027.
The filing indicates no economic significance, anticipating no annual impact of $100 million or more. This classification may expedite the review process. The CFTC identified no legal deadlines and no international impacts.
The CFTC is invoking its Dodd-Frank authority, a 2010 statute that governs leveraged, margined and derivatives-style trading. This provides the legal basis for the agency to proceed without new Congressional legislation.
The rulemaking title indicates its scope: "Crypto Asset Transactions" refers to trade, custody and settlement processes, while "Crypto Asset Markets" pertains to the structuring and registration of trading venues. This two-part division mirrors the market structure goals of the rejected CLARITY Act.
Selig's plan specifically involves creating a new Designated Contract Market category. This would enable unregistered crypto exchanges to offer leveraged trading products under direct CFTC oversight, bypassing the need for Congressional legislation.
CFTC rules, while impactful, are generally less durable than federal legislation. Such agency-level rules can be revised or overturned by a future Commission or through court challenges.
