The Commodities and Futures Trading Commission (CFTC) submitted a new crypto market proposal to the White House Office of Management and Budget (OMB) on Thursday following the Senate's failure to pass the Clarity Act earlier this week.
Details of the proposal remain undisclosed. It is unclear which crypto assets the rules would cover, what requirements exchanges would face, what restrictions would apply, or the scope of the CFTC's authority over the assets in question.
After OMB review, the proposal will return to the CFTC for a vote and public comment. A second vote would be required for the rules to become effective.
The submission coincides with the Securities and Exchange Commission (SEC) issuing an "innovation exemption" on Thursday that allows qualifying platforms to offer onchain trading of certain tokenized stocks for five years without registering as securities exchanges.
Both regulators have committed to developing clearer crypto rules under their existing authority following the Clarity Act's failure to advance in the Senate. CFTC Chair Mike Selig stated the agency is "ready to ship its rules for the new frontier of finance."
The CFTC also published a no-action letter on Friday providing relief to certain passive software providers, including crypto wallet interfaces, that connect users to regulated derivatives markets. These providers can market specific contracts and receive transaction-based fees but cannot hold customer assets, generate trading signals, or control order routing or execution.
The relief applies conditionally, requiring providers to implement risk disclosures, recordkeeping, and compliance with marketing rules. The no-action letter remains in effect until the CFTC adopts rules or guidance addressing registration requirements for software developers.
