CFTC Delivers Crypto Rules to White House Amid Clarity Act Delay
CFTC sends crypto rule proposal to White House review as Clarity Act stalls in Senate
The U.S. Commodity Futures Trading Commission (CFTC) has sent a crypto-related rule proposal to the White House Office of Management and Budget (OMB) for review, moving ahead with its own regulatory approach after the Senate failed to advance the Clarity Act earlier this week.
According to the information published by OMB, the proposal was received on Thursday. The CFTC has not disclosed details about what the draft covers, including which crypto assets would fall under the rules, what requirements exchanges or platforms would need to meet, what restrictions could apply, or how broadly the agency believes its authority extends.
The submission is a notable signal that Washington’s regulatory agencies intend to keep pushing forward under existing law even as Congress remains stuck on a comprehensive framework. The Clarity Act was designed to draw clearer jurisdictional lines between the CFTC and the Securities and Exchange Commission (SEC). It did not pass the Senate, leaving unresolved questions over which agency should oversee large parts of the crypto market.
The CFTC’s step also comes as the SEC moves on a parallel track. On Thursday, the SEC issued an “innovation exemption” that provides qualifying platforms a five-year path to offer onchain trading of certain tokenized stocks without registering as securities exchanges.
Both regulators have said they will continue working together to provide clearer rules for the crypto industry using their existing authority, despite the Clarity Act’s failure.
OMB review is typically an early stage in the federal rulemaking process. After OMB completes its review, the draft would return to the CFTC for a commission vote and a public comment period. A further vote would be needed before any final rules could take effect.
