The Commodities and Futures Trading Commission (CFTC) is pushing forward with proprietary guidelines for digital asset markets following the Senate’s failure to approve the Clarity Act earlier in the week.
On Thursday, the CFTC delivered a new proposal to the White House Office of Management and Budget (OMB). Specific details were not made public. It remains uncertain which digital assets are included, what standards exchanges must meet to qualify, what limitations will apply, or how broadly the CFTC views its enforcement jurisdiction.
When the OMB finishes evaluating the proposal, the draft will head back to the agency for a vote and public feedback phase. It would subsequently require an additional vote to take full effect.
This submission follows the Securities and Exchange Commission’s (SEC) Thursday rollout of an “innovation exemption,” granting eligible venues a five-year path to host onchain trading for specific tokenized equities without needing to register as traditional securities exchanges.
Both the SEC and CFTC have committed to maintaining collaborative efforts to offer the digital asset sector greater regulatory clarity utilizing their current mandate now that the Clarity Act has stalled.
“The CFTC is locked in and ready to ship its rules for the new frontier of finance,” CFTC chair Mike Selig wrote in a post on X following the vote on Wednesday.
Additionally, on Friday, the CFTC released a no-action letter granting particular software developers a pathway to link participants to authorized derivatives exchanges without registering as introducing brokers. The policy encompasses passive software allowing users to inspect markets and send orders straight to registered entities, including operations via cryptocurrency wallets.
Based on the letter, providers are permitted to market distinct contracts and collect transaction fees, though they are prohibited from holding client funds, issuing trading signals, or dictating how orders are routed and fulfilled.
The regulatory relief includes several prerequisites, such as risk disclosures, maintenance of records, and adherence to promotional standards. This exemption stays active until the CFTC issues formal rules or guidance regarding registration mandates for software engineers.
Originally published at https://www.coindesk.com/policy/2026/09/18/cftc-sends-crypto-rules-to-white-house-to-review-as-congress-stalls-on-clarity-act.
