CFTC Submits Crypto Rulemaking to White House After CLARITY Act Rejection
The Commodity Futures Trading Commission (CFTC) submitted its rulemaking for the crypto market to the White House Office of Information and Regulatory Affairs on September 17, 2026. The filing is identified as RIN 3038-AF80, titled Regulation of Crypto Asset Transactions and Crypto Asset Markets. However, since it's in the prerule stage, the contents remain confidential while under review.
Chairman Michael Selig indicated that the agency was 'locked in and ready to ship rules' after the Senate rejected the CLARITY Act by a narrow vote on September 17. The new DCM category would allow unregistered crypto exchanges to offer leveraged trading under CFTC oversight without Congressional action.
JPMorgan analysts noted that CFTC rules are less durable than legislation since any future Commission or court can revise or overturn them. Selig's plan creates a registration category that does not exist yet, which could enable current registrants and non-registrant crypto exchanges to be designated by the CFTC as a type of DCM known as a crypto asset market.
Regulations do not change with administration; they remain in effect. This distinction carries weight for XRP because statutes carry more authority than agency rules, which can be modified or contested. A future Commission could alter a rule, and anyone with standing can challenge it in court under the Administrative Procedure Act.