Two days after the CLARITY Act failed in the Senate, the Commodity Futures Trading Commission took its next formal step on crypto regulation. On September 19, the agency sent a new rulemaking to the White House review office, titled Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets. This is not a final rule. It is an early procedural move that puts the agency on a separate track from stalled legislation.
Why that matters is the process. An Office of Information and Regulatory Affairs filing does not create a rule, and it does not reveal the full text of what the CFTC wants to do. But it does show the agency is trying to move ahead under its existing powers rather than wait for Congress to settle the larger fight over crypto oversight.
The Senate vote was 49 to 50, short of the 60 needed to advance the CLARITY Act. The CFTC’s established jurisdiction covers crypto derivatives, including futures, options, and swaps. The next practical step is publication of a proposal for public comment. Until that happens, the scope of the rulemaking is still unclear.