CFTC sends crypto market-structure rules to the White House as Congress stalls

The CFTC submitted its crypto market-structure rulemaking — titled "Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets" — to the White House's Office of Information and Regulatory Affairs on Thursday. The proposal would let crypto exchanges, registered or not, operate as designated crypto asset markets under CFTC oversight, a framework the agency is building without waiting for Congress to pass comprehensive legislation.

The authority question

CFTC Chair Michael Selig directed staff in August to explore using the agency's existing statutory powers to stand up a crypto regime rather than wait on the Clarity Act. That bill failed a Senate procedural vote earlier this week, and Selig had already signaled the agency's intent to move regardless of the outcome.

What this means in practice

Rules built on existing agency authority arrive faster than anything requiring new legislation, but they are also less durable — a future administration or a successful court challenge can unwind them in a way statute cannot easily be undone. For now, the filing puts the CFTC ahead of the SEC in turning stated intent into an actual rule under White House review.