The US derivatives regulator is no longer waiting for approval from Congress. The Commodity Futures Trading Commission (CFTC) took a step forward by submitting an early draft document titled “Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets” directly to the White House’s Office of Information and Regulatory Affairs (OIRA).
The submission was officially received by OIRA on September 17, 2026. It is currently listed as a “prerule.” The prerule stage is the earliest phase in the entire rulemaking process, well before a regulatory draft is officially published for public review.
Contents of the Rule Remain a Mystery
Given its preliminary status, the specific text of the regulation has not yet been released. To date, the exact details of the provisions outlined in the document remain entirely unknown to both the general public and industry participants.
The CFTC has already laid out plans to formulate rules accommodating both existing registrants and previously unregistered crypto exchanges. The regulator is designing a legal framework to allow businesses to operate legally under oversight established by the agency itself.
The CFTC’s move toward the White House came immediately after the CLARITY Act bill stalled in the Senate. The vote ended at 50-49, falling short of the 60-vote threshold required for cloture to end debate and advance the legislation.
The impact of that defeat was felt immediately. Senator Cynthia Lummis, a lead negotiator for the CLARITY Act, bluntly stated that the bill’s chances of passing this year are virtually dead. Nonetheless, several Democratic and Republican senators have signaled their intent to keep pressing crypto regulation issues ahead of the midterm elections.
A Firm Stance Since August
The CFTC’s decision to draft new regulations is not an impromptu reaction to stalled political debates. CFTC Chairman Michael Selig had issued warnings well in advance. Speaking at the CFTC Innovation Advisory Committee conference on August 20, Selig emphasized that his agency would utilize its existing statutory authority should the CLARITY Act reach a deadlock.
That statement was quickly put into action. One day after the Senate vote on September 16, Selig posted on X that his agency was “locked in and ready to ship” crypto rules, relying solely on the legal authority it already possesses.
The push to proceed without new legislation has echoed across regulatory agencies. Securities and Exchange Commission (SEC) Chair Paul Atkins struck a similar tone, emphasizing that his agency will continue moving forward to regulate the market with or without new legislation from the Senate.
For crypto exchanges awaiting clarity, the document on OIRA’s desk shifts the policy landscape. Their operational fate now hinges on agency-drafted rules rather than lengthy lobbying efforts by politicians.
Reported by Decrypt.
Read also: CLARITY Act Vote Fails 50-49 in Senate - But Bipartisan Senators Prepare Follow-Up Plan
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
