CFTC Moves Ahead With Crypto Rules After CLARITY Act Setback
United States.- 23 September 2026 | www.zonadeazar.com The Commodity Futures Trading Commission, CFTC, has started a new rulemaking process for digital-asset markets after the US Senate failed to advance the Digital Asset Market CLARITY Act.
The move allows the agency to explore measures available under its existing authority while broader legislation covering crypto markets and related regulatory questions remains unresolved.
Package Sent to the White House
On 17 September, the CFTC submitted a new regulatory package to the Office of Information and Regulatory Affairs, OIRA, for White House review.
The filing is titled “Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets.”
Still at an Early Stage
The filing does not create a final rule.
Detailed provisions have not yet been made public and the process remains at an early administrative stage.
OIRA Review
The package must first go through OIRA review.
Afterwards, the CFTC may publish its proposal and begin a formal public-comment process.
Public Consultation
Market participants will have an opportunity to respond once a proposal is released.
Businesses, trade groups, investors and other stakeholders may submit comments before the agency moves towards any final rule.
No Effective Date
There is currently no effective date.
No statutory deadline has been identified for completion of the review.
Crypto businesses therefore cannot yet treat the filing as a set of enforceable new requirements.
CLARITY Act Failed to Advance
The CFTC action followed the Senate’s failure to advance the Digital Asset Market CLARITY Act.
A procedural vote on 15 September ended 49-50, short of the 60 votes required to move the measure forward.
What the CLARITY Act Sought to Do
The bill was intended to establish a more comprehensive federal framework for digital assets.
A central goal was to clarify which products and activities would fall under the authority of:
- The Commodity Futures Trading Commission.
- The Securities and Exchange Commission.
SEC-CFTC Jurisdiction
Without broader legislation, the division of responsibilities between the two agencies remains an important issue.
US crypto regulation has long involved disputes over when an asset should be treated as a commodity and when federal securities law applies.
Existing CFTC Authority
With Congress yet to pass a comprehensive framework, the CFTC is examining how far it can go under the Commodity Exchange Act.
That route allows the agency to develop some regulatory structures without waiting for new legislation.
Crypto-Specific DCM Structure
One concept under consideration is a dedicated form of Designated Contract Market, DCM, for crypto trading.
Such a framework could potentially allow existing or new exchanges to obtain CFTC recognition under rules tailored to digital assets.
Leveraged and Margined Trading
Potential areas covered could include:
- Leveraged trading.
- Margined transactions.
- Derivatives.
- Regulated digital-commodity markets.
The final scope will depend on the proposal eventually released by the agency.
Michael Selig Had Signalled the Approach
CFTC Chairman Michael Selig previously indicated that the commission was examining how its existing powers could be used to create a dedicated structure for certain digital assets.
The new filing represents a formal administrative step in that direction.
Regulatory Action Without Congress
The strategy reflects a broader environment in which federal agencies are using existing statutory powers while Congress continues debating comprehensive crypto legislation.
This can provide partial regulatory clarity but does not necessarily replace legislation.
Agency Rules Versus Federal Law
The distinction is important.
Agency rulemaking can:
- Interpret existing statutes.
- Establish compliance requirements.
- Create regulatory procedures.
Congressional legislation can more fundamentally define agency powers and create a more durable statutory framework.
Future Policy Changes
Administrative rules may also be amended by future administrations or challenged in court.
For that reason, many market participants continue to seek a more permanent legislative settlement.
SEC and CFTC Action in March
In March 2026, the SEC and CFTC jointly issued an interpretation addressing how federal securities laws apply to certain crypto assets and related transactions.
The move was intended to reduce uncertainty while wider market-structure legislation remained under consideration.
Treatment of Crypto Assets
The joint interpretation addressed different types of assets and transactions.
It sought to clarify when securities rules apply and how the CFTC would administer the Commodity Exchange Act consistently with that framework.
Market Demand for Clarity
Classification matters directly to exchanges and other service providers.
It can determine:
- Registration.
- Licensing.
- Compliance obligations.
- Custody requirements.
- Regulatory supervision.
- Products that may be offered.
Potential Exchange Impact
A crypto-specific DCM structure could create a new regulatory path for platforms seeking to offer margined or leveraged digital-asset products.
However, no specific requirements can be confirmed until the proposal becomes public.
Prediction Markets Remain Part of the Wider Debate
The stalled CLARITY Act also leaves unresolved questions surrounding prediction markets and event contracts.
Those issues became increasingly significant during the legislative debate because they involve the boundary between federal commodities regulation and state or tribal gambling authority.
Event Contracts
Event contracts allow participants to trade positions linked to future outcomes.
In the United States, they have generated particular regulatory controversy when tied to:
- Sport.
- Politics.
- Economic events.
- Other public outcomes.
States and Federal Oversight
Some state authorities argue that certain event contracts, particularly sports-related products, effectively constitute wagering and should comply with state gambling laws.
Federally regulated platforms argue that qualifying contracts fall within CFTC jurisdiction.
Dispute Remains Unresolved
The CFTC’s new crypto package does not automatically resolve that issue.
The filing focuses on digital assets and market structure, while event-contract disputes continue through litigation and regulatory proceedings.
Relevance for Prediction Markets
The development of CFTC authority remains important to prediction-market operators because several platforms rely on federally regulated derivatives-market structures.
Any clearer definition of federal authority could indirectly shape the environment in which these products operate.
Regulatory Context
The United States continues to build its digital-asset framework through a combination of:
- Legislation.
- Agency rulemaking.
- Regulatory interpretations.
- Litigation.
- Court decisions.
Without comprehensive legislation, important parts of that framework remain in transition.
Next Steps and Impact
The next stage will be OIRA review, followed by publication if the CFTC decides to proceed with a proposed rule.
Only then will exchanges and other market participants be able to assess the detailed requirements.
The filing demonstrates that the CFTC intends to continue using its existing statutory authority while broader questions over crypto regulation, event contracts and the distribution of federal and state powers remain unresolved.
Editó: @fonta
