CFTC Submits Crypto Rulemaking Package to OIRA After Senate Rejects CLARITY Act

The Commodity Futures Trading Commission (CFTC) submitted a crypto market rulemaking package to the Office of Information and Regulatory Affairs (OIRA) on September 17. The move comes days after the U.S. Senate voted 49-50 against advancing the Digital Asset Market CLARITY Act on September 15, as reported by Focus Gaming News.

The filing is titled “Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets.” The proposal remains in early stages and is not yet public. This allows the agency to advance elements of a crypto framework using existing authority rather than await further congressional action.

Michael Selig, CFTC Chairman, said in August that the agency was examining how its powers could be used to establish a dedicated structure for digital assets. After White House review, the CFTC must publish the proposal and collect public comments. Any final rule requires an additional review and comment period before it takes effect.

The CLARITY Act Legislative Setback

The Senate’s 49-50 vote on September 15 halted progress on the bill designed to create a comprehensive regulatory approach for digital assets. Without legislative resolution, the CFTC is positioned to address parts of the framework directly. The precise boundaries of that authority remain tied to the details of the still-unreleased proposal.

The Path Forward Under Existing Authority

Selig’s August comments signal the agency’s intent to build dedicated oversight where current mandates permit. The rulemaking package marks an initial administrative step. Market participants face an extended period of uncertainty until the proposal is published and the comment process clarifies specific requirements and timelines.

Reporting: Focus Gaming News

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