CFTC Sends Draft Crypto Regulatory Rules to White House for Review
nashnova research
The CFTC has submitted a crypto-market regulation proposal to the White House Office of Management and Budget (OMB) for review — This means → with Congress stalled on legislation, the agency is using its existing authority to build a crypto oversight framework on its own.
What would this rule actually do?
CFTC Chair Michael Selig said on August 20 that the rule could bring both registered firms and unregistered crypto exchanges under CFTC oversight, designating them as a new class of "crypto asset market" exchanges.
This means → crypto exchanges could legally offer leveraged and margin trading under a CFTC framework — an area currently in a regulatory gray zone.
In plain terms = the CFTC wants to hand crypto exchanges a "formal license" so they operate inside rules, not in a regulatory vacuum.
Why bypass Congress and act alone?
The Senate failed to advance the CLARITY Act this week — a bill that would have made the CFTC the primary regulator for digital assets.
After that setback, Selig explicitly directed staff to find paths for codifying digital-asset market structure within the agency's existing authority.
This reflects a practical reality: Congress cannot reach consensus on crypto regulation, so the CFTC chose to stop waiting and lay down a basic framework through administrative action.
What does sending it to the White House mean?
The OMB confirmed on September 19 that it received the proposal. Submitting to the OMB is a mandatory step under the Trump administration's requirement that independent agencies like the CFTC and SEC send major rulemaking to the OMB for review and possible revision.
The proposal's specific text will not be publicly disclosed until after this review.
In plain terms = this step is a "White House sign-off" — the OMB reads it, may revise it, then sends it back to the CFTC for the next stage.
What happens next — will it take long?
Once the OMB finishes its review, the proposal goes back to the CFTC for a commissioner vote.
Key detail: of the CFTC's five commissioner seats, only Selig currently serves. This means → the vote is expected to move very fast, with no multi-party gridlock.
After the vote passes, the CFTC will open a public comment period; the final version must go through one more vote before it takes effect.
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