CFTC Crypto Rulemaking Enters White House Review

A new regulatory rulemaking for crypto assets has entered White House review, marking a significant step forward in the development of a broader framework for digital asset trading.

The Commodity Futures Trading Commission (CFTC) submitted its proposal, titled 'Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets,' to the Office of Information and Regulatory Affairs on September 17. The filing is currently under review.

This move is a crucial milestone for crypto firms, which have been seeking clarity on how products such as perpetual-style contracts fit within the existing U.S. rulebook. A formal rulemaking could provide much-needed guidance on issues like margin, eligible participants, exchange registration, clearing, and the treatment of leveraged retail products.

The CFTC has already issued guidance and no-action positions around crypto derivatives earlier this year, but a broader rulemaking could pull some of that work into a more durable framework. Exchanges, brokers, and derivatives venues will be closely watching the details of the proposal, which are expected to determine whether more crypto derivatives activity can move into regulated U.S. venues.