- The CFTC sent a crypto market proposal to the White House Office of Management and Budget for review.
- The SEC issued a five-year conditional exemption for certain tokenized-stock platforms.
- The CFTC also gave no-action relief to some passive software providers, including some crypto wallet interfaces.
The latest move on CFTC crypto rules came after the Senate failed to pass the Clarity Act earlier this week, pushing the agency to advance under its own authority. On Thursday, the Commodities and Futures Trading Commission submitted a new proposal to the White House Office of Management and Budget, though the contents were not made public. The development happened alongside a separate step from the Securities and Exchange Commission, which created a five-year conditional path for certain tokenized-stock platforms. Together, the actions show both agencies continuing work on digital-asset oversight while Congress has not yet moved the Clarity Act forward.
CFTC crypto rules go to White House review
The CFTC submitted its proposal to the Office of Management and Budget on Thursday. The agency did not disclose the details, leaving key points unanswered, including which crypto assets may be covered, what exchanges would need to do to qualify, what restrictions could apply, and how broadly the CFTC believes its authority reaches.
After the White House review is completed, the draft would go back to the CFTC for a vote and a period of public comment. A further vote would still be needed before the rules could take effect. That means the proposal has entered a formal process, even though the substance of the rules remains undisclosed for now.
Why CFTC crypto rules are moving now
The submission followed the Senate’s failure to pass the Clarity Act earlier in the week. With that legislation stalled, the CFTC is trying to move ahead with its own approach to crypto market oversight rather than waiting for Congress to set a new framework.
CFTC chair Mike Selig signaled that direction after the Wednesday vote. In a post on X, he wrote that the agency is “locked in and ready to ship its rules for the new frontier of finance.” The statement underscored that the regulator intends to keep working on market rules despite the legislative setback.
SEC action on tokenized stock platforms
On the same day, the SEC introduced what it called an innovation exemption. The measure gives qualifying platforms a five-year path to offer onchain trading of certain tokenized stocks without registering as securities exchanges.
The CFTC and SEC have both said they will continue working together to provide clearer digital-asset rules using their existing authority after the Clarity Act did not pass. That makes the SEC move and the pending CFTC crypto rules part of a broader regulatory effort happening outside of new legislation.
CFTC crypto rules and software provider relief
On Friday, the CFTC also published a no-action letter that offers certain software providers a way to connect users to regulated derivatives markets without registering as introducing brokers. The relief applies to passive software that allows users to view markets and send orders directly to registered firms, including through crypto wallets.
The letter says those providers may market specific contracts and receive transaction-based fees. However, they cannot hold customer assets, create buy or sell signals, or control how orders are routed or executed. The relief also includes conditions such as risk disclosures, recordkeeping, and compliance with marketing rules, and it stays in place until the CFTC adopts rules or guidance on registration requirements for software developers.
Conclusion
The current push around CFTC crypto rules shows the agency moving forward even as the Clarity Act remains stalled in the Senate. A proposal is now with the Office of Management and Budget for review, but its scope and obligations have not been made public. At the same time, the SEC opened a five-year conditional route for certain tokenized-stock platforms, and the CFTC issued separate no-action relief for some passive software providers, including some crypto wallet interfaces. Taken together, these actions indicate that both agencies are continuing to shape digital-asset oversight through existing authority while legislative progress remains unresolved.
Disclaimer
The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from CryptoNewsBytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from any company.
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