The U.S. Commodity Futures Trading Commission (CFTC) on Thursday forwarded a detailed crypto‑asset regulatory proposal to the White House, marking the agency’s first major rulemaking effort after the Senate’s failure to advance the bipartisan CLARITY Act. The filing, described by multiple outlets as a “prerule” covering crypto‑asset transactions and markets, seeks to bring digital‑asset derivatives under the CFTC’s existing authority.
Regulatory backdrop and the stalled CLARITY Act
The CLARITY Act, which passed the House earlier this year, would have expressly granted the CFTC jurisdiction over cryptocurrency derivatives and clarified enforcement powers. A vote in the Senate last week fell short of the 60‑vote threshold needed to overcome a filibuster, effectively halting the legislation. In the wake of that defeat, the CFTC announced it would move forward on its own, leveraging its statutory powers to regulate derivatives, including those tied to crypto assets.
CFTC’s prerule filing
According to Decrypt, the agency submitted a “prerule on crypto asset transactions and markets” to the White House for review, signaling an intent to craft a derivatives framework without waiting for congressional action. The proposal, which appears to comprise two separate rules—one addressing transaction reporting and market surveillance, the other focusing on registration and anti‑manipulation requirements—draws on the CFTC’s existing commodities‑derivatives regime.
"The agency submitted a prerule on crypto asset transactions and markets to the White House for review, signaling it will build a derivatives framework on its own authority after the Clarity Act's collapse." – Decrypt
The filing calls for digital‑asset trading platforms that offer derivatives to register as designated contract markets, implement robust record‑keeping, and submit trade data to the CFTC’s public reporting system. It also proposes extending anti‑fraud and market‑manipulation rules—currently applied to futures and swaps—to crypto‑linked contracts, thereby broadening the agency’s enforcement toolkit.
Market reaction and next steps
Shortly after the CFTC’s announcement, cryptocurrency prices rallied. TradingView reported Bitcoin climbing back above the $80,000 mark, while Zcash posted new record highs. Asian outlets such as 디지털투데이 noted a rebound in crypto‑related equities, suggesting that investors view the CFTC’s move as a step toward regulatory clarity.
Industry observers caution that the proposal’s impact will depend on the speed of White House review and any subsequent public comment period. Yahoo Finance highlighted that the administration has yet to set a timetable for evaluating the CFTC’s filing, and that the rulemaking could take several months before any final regulations are enacted.
Lawmakers remain divided on the appropriate scope of federal oversight. While some Senate Democrats have expressed support for a comprehensive framework that protects investors, others fear that over‑regulation could stifle innovation in the rapidly evolving crypto sector. The CFTC’s filing may therefore serve as a reference point for future legislative negotiations, whether to revive the CLARITY Act or craft a new, bipartisan approach.
For now, the agency’s submission represents the most concrete federal action on crypto derivatives since the 2022 introduction of the “Digital Asset Market Structure Act” proposals, which also stalled in Congress. By advancing its own rulemaking, the CFTC is positioning itself as the primary regulator of crypto‑futures and swaps, a stance that could shape the market’s trajectory for years to come.
Market Snapshot
| Asset | Price | 24h | Market Cap |
|---|---|---|---|
 Bitcoin BTC | $81,213 | +6.14% | $1631.3B |
 Ethereum ETH | $2,610 | +6.60% | $318.6B |
 BNB BNB | $760.93 | +2.73% | $101.3B |
 XRP XRP | $1.4 | +7.60% | $88.0B |
 Solana SOL | $113.26 | +11.48% | $66.5B |
 Dogecoin DOGE | $0.0875 | +6.78% | $13.7B |
 Cardano ADA | $0.226 | +9.65% | $8.5B |
Live data: CoinGecko — 2026-09-19 01:20 UTC
