CFTC Advances Crypto Rulemaking Without Waiting for Congress

The Commodity Futures Trading Commission has submitted proposed crypto regulations to the White House for review, moving forward independently after Congress failed to pass comprehensive digital asset legislation. The agency filed two related rulemakings covering crypto asset transactions and markets with the Office of Information and Regulatory Affairs, which reviews federal rules before they’re finalized.

Regulatory Push Follows Failed Senate Vote

This move comes just days after a major crypto regulation bill failed to advance in the Senate during a procedural vote. Key lawmakers cited ethics concerns tied to the president’s substantial crypto-related financial holdings as a central reason for their opposition, raising questions about influence over how new rules might be shaped.

Agencies Move Independently

With legislative efforts stalled, federal regulators appear to be taking matters into their own hands. Just one day before the CFTC’s filing, the Securities and Exchange Commission introduced a long-awaited exemption allowing tokenized stocks to trade onchain. The CFTC also issued a separate no-action position, indicating it won’t pursue enforcement against software developers who fail to register as brokers, provided certain conditions are met.

Chair Signals Broader Framework Ahead

The CFTC’s chair had previously indicated the agency would rely on its existing legal authority to build a regulatory framework for crypto markets if legislation stalled. In earlier remarks, he explained that the agency was exploring ways to let exchanges, including some not currently registered, operate as a designated type of crypto asset market allowing leveraged trading under CFTC oversight.

The agency declined to share further details about the specific contents of its newly filed rulemaking.