The US Commodity Futures Trading Commission has forwarded proposed crypto market rules to the White House’s Office of Information and Regulatory Affairs, advancing the measure into the federal review process after the Senate stalled the CLARITY Act this week.
The agency submitted the proposal on Thursday, but it has not said which crypto assets, exchanges, or activities would fall under the rules. That leaves the scope of the package unclear even as the CFTC presses ahead with rulemaking under its existing authority.
Proposal enters federal review
Review by the Office of Information and Regulatory Affairs is a standard step before a rule can move closer to formal adoption. Once that process is complete, the CFTC can publish the proposal for public comment and then decide whether to finalize the rules.
At this stage, the submission does not mean the rules are in force. It marks the start of an executive branch review that typically precedes a public consultation period.
CFTC signals it will keep moving
CFTC Chairman Mike Selig indicated on Wednesday that the agency does not plan to pause its crypto work. “The CFTC is locked in and ready to ship its rules for the new frontier of finance,” Selig said.
That statement came just before the White House review filing and underscored the regulator’s intent to keep building a framework for crypto markets even without fresh legislation from Congress.
No-action relief for some software providers
Alongside the rulemaking push, the CFTC also issued no-action relief for certain software providers. Under that measure, qualifying platforms may connect users with regulated derivatives firms without registering as introducing brokers.
The relief is limited to passive software tools that allow users to view markets and send orders directly to registered firms. Providers covered by the measure cannot hold customer assets, generate trading signals, or control how orders are routed.
SEC launches a separate crypto-related measure
The Securities and Exchange Commission also advanced a separate initiative on Thursday, introducing a five-year innovation exemption for certain tokenized stocks.
While distinct from the CFTC proposal, the SEC move adds to a broader pattern of federal agencies using current powers to develop crypto-related rules and exemptions as the legislative outlook remains unsettled.
What comes next after the CLARITY Act setback
The latest steps by the CFTC and SEC follow the Senate’s decision to stall the CLARITY Act this week. With that bill not moving forward for now, federal regulators are continuing to develop separate measures while lawmakers weigh their next steps.
For the CFTC proposal, the next confirmed milestone is completion of OIRA review. After that, the agency would be able to publish the proposed rules for public comment before considering any final version.
Source: Coin Edition