The U.S. Commodity Futures Trading Commission (CFTC) began preparing new rules for crypto asset transactions while easing regulatory requirements for software providers that give users access to regulated derivatives markets.
The CFTC submitted an initiative titled Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets to the White House Office of Information and Regulatory Affairs (OIRA) for review. The document is at the preliminary approval stage and is expected to be formally published soon. Details of the proposed rules haven’t yet been disclosed.
CFTC Chairman Michael Selig previously said the commission was considering establishing a separate regulatory framework for cryptocurrency markets under its existing statutory authority. In particular, Selig instructed CFTC staff to explore a mechanism that would allow registered market participants and existing cryptocurrency exchanges to obtain crypto asset market status. The framework could take the form of a designated contract market (DCM), allowing platforms to offer leveraged or margined crypto asset trading under CFTC oversight.
At the same time, the commission eased regulatory requirements for providers of so-called passive software. The CFTC’s Market Participants Division said it wouldn’t take enforcement action against companies or their employees for failing to register as introducing brokers or associated persons, provided they comply with the regulator’s requirements.
The measure applies to services whose software connects users with CFTC-registered companies and trading platforms without active involvement by the developer in executing transactions. One of the key conditions is that the software provider can’t exercise discretion over users’ orders.
In March 2026, the CFTC granted similar relief to Phantom, the developer of a non-custodial wallet, allowing it to connect users with regulated brokers and exchanges. In July, Phantom and the Hyperliquid Policy Center proposed extending this approach to other developers of crypto services and blockchain infrastructure.
The CFTC initiatives followed the U.S. Senate’s failure to advance the CLARITY Act for further consideration. After the vote, Selig said the regulator would continue developing rules for the cryptocurrency market under its existing authority.
The U.S. Securities and Exchange Commission (SEC) took a similar position. Its chairman said the agency was prepared to move forward with digital asset regulation regardless of whether new legislation was enacted. In line with that approach, the SEC granted certain platforms temporary exemptions for limited on-chain trading of tokenized U.S. stocks.
Earlier this year, the 2 key U.S. financial regulators agreed to coordinate oversight of securities, digital assets, and derivatives markets.
