CFTC Submits Proposed Crypto Rulemaking Amid Senate Rejection of CLARITY Act

The Commodity Futures Trading Commission (CFTC) submitted its proposed rulemaking for the crypto market to the White House on September 17, 2026. The filing is identified as RIN 3038-AF80 and is titled Regulation of Crypto Asset Transactions and Crypto Asset Markets. The contents remain confidential while under review.

According to CFTC Chairman Michael Selig, this proposal aims to create a new registration category for crypto exchanges that would allow them to offer leveraged trading under the agency's oversight without Congressional action. This plan was outlined in a speech by Selig on August 2026, where he stated that his staff would explore rules using the CFTC's existing authorities.

The proposal is currently in the prerule stage, which requires two comment periods and two OIRA reviews before becoming a binding rule. The review process may be expedited since the agency anticipates no annual impact of $100 million or more. If completed by December 2026, publication could occur in November or December that year.

The proposal has significant implications for digital assets like XRP and Bitcoin, as it would introduce registration, custody, and trading rules around their classification as commodities. While the rule cannot grant full authority over the spot market, it may establish a working framework for crypto asset markets.