CFTC Unleashes Own Rulemaking After Senate Bill Fails to Advance
The Commodity Futures Trading Commission (CFTC) has taken matters into its own hands after the US Senate failed to advance the Digital Asset Market Clarity Act, also known as the CLARITY Act. The bill, which aimed to provide clarity and consumer protections in crypto asset markets, fell short of the 60 votes needed to move forward on September 15, 2026.
CFTC Chairman Michael Selig had been laying the groundwork for rulemaking before the Senate vote, directing staff to explore crypto trading rules on August 20, 2026. The prerule, titled 'Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets,' was formally submitted to the White House Office of Management and Budget (OMB) for review shortly after the Senate outcome.
The OMB review is a standard but critical step in the federal rulemaking process. Once the White House office signs off, the CFTC can publish its proposed rules in the Federal Register, opening a public comment period before finalizing them.