The CFTC Just Sent Its Crypto Rules to the White House. What’s in the Filing, and How Quickly Could It Move?

On September 17, 2026, the Commodity Futures Trading Commission (CFTC) submitted a rulemaking proposal for the cryptocurrency market to the White House. The filing, identified as RIN 3038-AF80, is currently in the pre-rule stage, requiring two comment periods and two Office of Information and Regulatory Affairs (OIRA) reviews before becoming binding.

Chairman Michael Selig confirmed that the agency was "locked in and ready to ship rules" on the same day the Senate rejected the CLARITY Act. This proposed rule would create a new designated contract market (DCM) category, allowing unregistered crypto exchanges to offer leveraged trading under CFTC oversight without Congressional action.

The CFTC's plan, inspired by the rejected CLARITY Act, aims to establish a CFTC market structure for crypto assets using the agency's existing authorities. The rule text remains confidential until the review concludes, with only the title hinting at its scope. The CFTC's Dodd-Frank authority and lack of significant economic impact could expedite the review process.