CFTC advances crypto market structure rulemaking

TLDR

The US Commodity Futures Trading Commission (CFTC) is moving ahead with formal crypto market-structure rules using its existing authority after Congress stalled on new legislation.

1. The CFTC has submitted two proposals, Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets, to the White House for review, starting a formal rulemaking process.
2. Chair Michael Selig is pushing a vision of mass tokenization, 24/7 on-chain markets and expanded stablecoin collateral, which could reshape how regulated venues handle crypto.
3. Crypto users should watch for draft rules, public comment windows and SEC coordination, because these will define the contours of regulated US crypto trading and derivatives.

Deep Dive

1. What The CFTC Has Actually Done

In recent days, CFTC Chair Michael Selig told CNBC its go time and confirmed the agency is advancing crypto market-structure rules under existing statutory authority, despite the failure of the Digital Asset Market Clarity Act in the Senate.

The CFTC has filed two rulemaking proposals, titled Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets, with the White House Office of Information and Regulatory Affairs for review, where they remain at a preliminary prerule stage and the detailed text is not yet public.

Parallel reporting notes that the SEC and CFTC moved within days of the Clarity Acts collapse, with the CFTCs filing acknowledged as under review by the Office of Management and Budget, signaling serious intent rather than just rhetoric.

2. Tokenization, 24/7 Markets And Stablecoins

Selig has repeatedly argued that US markets must prepare for mass tokenization, meaning traditional assets like Treasuries, stocks and other collateral become blockchain-based tokens that can settle almost instantly and move in real time between clearinghouses, intermediaries and users.

He has highlighted a future of 24/7 on-chain markets, with crypto and precious metals seen as more suitable for continuous trading than some agricultural or energy products, and has flagged a principles-based regulatory approach while expanding eligible collateral to include certain payment stablecoins issued by national trust banks.

At the same time, the SEC has granted a temporary innovation exemption that allows designated platforms to trade tokenized versions of US-listed stocks under strict conditions, reinforcing a coordinated push toward regulated on-chain market infrastructure.

3. What To Watch Next

These proposals now go through the standard US rulemaking pipeline: internal review, publication of draft rules, public comment, revisions and eventual final rules, all of which can take months and may be tested in court because they rely on existing authority rather than new statute.

Key areas to watch are how the CFTC defines crypto asset transactions it can regulate, margin and clearing rules for crypto derivatives, treatment of stablecoins as collateral, and how prediction-market style products are constrained by recent guidance on manipulation risks.

Coordination with the SEC on what counts as a digital commodity versus a security, plus potential state-level friction, will shape where liquidity concentrates, and whether more trading migrates to fully regulated US venues or continues offshore.

Confidence: high because multiple independent outlets and official references describe the filings, Seligs comments and the early-stage nature of the proposals.

Conclusion

The CFTCs move to formally advance crypto market-structure rules, alongside the SECs tokenized-stock exemption, marks a clear pivot toward regulated on-chain markets even without new legislation.

For crypto users and builders, the opportunity is more predictable access to derivatives, tokenized assets and stablecoin-based collateral, but the trade-off is stricter design and compliance requirements that could reshape which platforms and products remain viable in the US.