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 submitted its rulemaking for the crypto market to the White House Office of Information and Regulatory Affairs, just two days after the Senate rejected the CLARITY Act by a narrow vote of 49 to 50. The filing is identified on Reginfo.gov as RIN 3038-AF80, titled Regulation of Crypto Asset Transactions and Crypto Asset Markets, and its contents remain confidential while under review.

Chairman Michael Selig indicated on the day of the Senate vote that the agency was “locked in and ready to ship rules.” Just two days later, he delivered the filing. So, what does this entry reveal, and how quickly could it impact exchanges listing assets like XRP (CRYPTO:XRP) or Bitcoin (CRYPTO:BTC)?

The Filing Is a Notice, Not a Rule

The entry shows a receipt date of September 17, a pre-rule stage, no economic significance, and no legal deadlines. It confirms Dodd-Frank authority and identifies no international impacts.

Prerule signifies the stage before a proposed rule, meaning the CFTC has notified the White House of its intention to draft one. The document heading to publication is an advance notice and is not something that exchanges can currently comply with.

The absence of economic significance indicates that the agency anticipates no annual impact of $100 million or more, which may expedite the review process. By flagging Dodd-Frank, the CFTC is invoking the 2010 statute governing leveraged, margined, and derivatives-style trading.

The rule text is confidential until the review concludes, leaving only the title to hint at its scope. It combines Crypto Asset Transactions, which refers to trade, custody, and settlement processes, with Crypto Asset Markets, which pertains to the structuring and registration of trading venues. This two-part division is similar to what the CLARITY Act aimed to establish.

Selig Seeks a New Type of Regulated Exchange

In a speech from August 2026, Selig outlined a plan to direct his staff to explore rules that would “codify a CFTC market structure for crypto assets using the agency’s existing authorities.”

Selig intends to create a registration category that does not exist yet. “This could enable current registrants as well as non-registrant crypto exchanges to be designated by the CFTC as a type of DCM known as a crypto asset market and offer crypto asset trading on a leveraged or margined basis subject to purpose-fit rules under the CFTC’s regulatory oversight,” he said.

A DCM is a designated contract market, the CFTC’s term for an exchange it oversees, and any exchange holding that designation must adhere to 23 core principles outlined in Section 5(d) of the Commodity Exchange Act.

Selig was confirmed as the agency’s 15th chairman on December 18, 2025, and his staff issued a separate no-action letter on September 17 freeing passive software providers, including wallets and trading apps, from registering as introducing brokers under ten conditions.

Two Comment Periods Stand Between This and a Binding Rule

Executive Order 12866 gives the White House up to 90 days to review, with a one-time extension of up to 30 days. Filings deemed not economically significant often clear the review process more quickly, although reviewers may send the entire document back to the agency for revisions.

Once the White House review is complete, the Commission will vote to release the advance notice, publish it in the Federal Register, and initiate a comment period typically lasting 60 days.

Afterward, the CFTC will draft a proposed rule, resubmit it to the White House, hold another vote, publish it again, and open a second comment period. The final rule will follow the same review process before it takes effect.

If the review wraps up within 60 days, publication could occur in November or December 2026, with a proposed rule emerging in 2027, and a final binding rule potentially not in effect until late that year.

What the Filing Means for XRP and Bitcoin

The Commodity Futures Trading Commission regulates commodities, and XRP was classified as one in March. On March 17, the joint interpretation by the SEC and CFTC identified 18 digital assets as digital commodities, including Bitcoin, Ether (CRYPTO:ETH), Solana (CRYPTO:SOL) and XRP.

Of the 18 assets, 16 already have futures contracts trading on CFTC-regulated exchanges, while the other two do not, which is why many reports focused on the smaller number. This rulemaking could establish a working framework that includes registration, custody, and trading rules, and that distinction carries weight for XRP, because statutes remain effective despite changes in administration, and regulations do not.

A future Commission could alter a rule, and anyone with standing can challenge it in court under the Administrative Procedure Act. JPMorgan analysts highlighted this concern on September 16, noting that agency rules are less stable than legislation since they can be modified or contested.

Ripple CEO Brad Garlinghouse urged Atkins and Selig to act after the vote, indicating Ripple’s acceptance of the administrative process, despite its limitations. Bitcoin, on the other hand, did not require this classification, so the rule changes its market structure instead of its status. Trading venues could offer leveraged Bitcoin trading under the CFTC’s oversight, with terms set by the agency, which is what institutions sought from the bill.

However, the rule cannot grant the CFTC full authority over the spot market for digital commodities, as that was central to the CLARITY Act and would necessitate an act of Congress.

How Fast Can This Actually Reach an Exchange?

The CFTC acted within two days on an issue that the Senate took two years to address. Yet, this action is just the beginning of a process that involves two comment periods and two additional reviews by the White House. The text of the proposal is confidential and currently in the prerule stage, and the earliest a binding rule might take effect is late 2027.

So, while faster than congressional action, this process is still considerably slower than headlines may suggest. If the review is completed by December, the public will see the scope of the proposal this year, with a formal proposed rule to follow in 2027.

For both XRP and Bitcoin, this framework would introduce registration, custody, and trading rules around a classification that now relies solely on a single interpretive document. When the proposal is published, the critical question will be whether Selig’s crypto asset market category remains within the agency’s authority for leveraged trading or extends to the spot market, as that expansion was initially expected to require Congressional action.

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