The Office of Information and Regulatory Affairs received RIN 3038-AF80, "Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets," from the CFTC on Sept. 17, two days after the Senate blocked the CLARITY Act. OIRA lists the filing at the prerule stage, not as a proposed rule. Executive Order 12866 gives OIRA 10 working days to review preliminary actions, against 90 days for proposed and final rules. It is the only CFTC action pending White House review, and Michael Selig is the agency's only sitting commissioner.

The Securities and Exchange Commission issued a five-year conditional exemption on Thursday letting tokenized National Market System (NMS) stock trade on permissioned automated market makers (AMMs), and Commodity Futures Trading Commission staff opened introducing-broker relief to passive software providers across the industry the same morning. Both actions came two days after the Senate blocked the CLARITY Act and a day after the two chairmen said they would write crypto rules without it. Uniswap's token rose 19.8% over 24 hours.

Michael Selig said the CFTC is "locked in and ready to ship its rules for the new frontier of finance." Paul Atkins said the SEC will "act decisively within the SEC's statutory authority." Both posted the statements to X on Wednesday, within two hours of each other, the day after the Senate blocked the market structure bill. The SEC has a crypto offering rule out for comment until Oct. 20. The CFTC has not proposed one.

Trade groups and executives responded to the Senate blocking the CLARITY Act by pointing at agency rulemaking, saying the SEC and the CFTC can keep writing crypto rules without the bill. Several framed the loss as one of permanence, since a future agency chair can rewrite a rule and repealing a statute takes another act of Congress. Mark Warner, one of the seven Democrats who negotiated the bill, said the president's ability to profit from crypto was what made it impossible for him to vote yes.

The president said CFTC Chair Michael Selig is working to bring the geoblocked perpetual futures venue into the US "in a fully compliant and legal fashion," sending HYPE and Hyperliquid Strategies shares up and CME and Cboe down.

The agency approved Kalshi's BTCPERP contract, the first bitcoin perpetual on a registered U.S. exchange, and in a separate action cleared Coinbase to route customers to its offshore Deribit affiliate. Together the moves open an onshore path for a product long pushed abroad and raise the competitive stakes for dominant venues such as Hyperliquid.

The CFTC filed suit against Wisconsin to establish its exclusive regulatory authority over prediction markets, a sector closely tied to crypto and blockchain-based derivatives.

The move would let Polymarket's primary, on-chain prediction market platform operate in the United States, rather than through its current intermediated setup with Polymarket US.

New York AG Letitia James filed suit against Coinbase and Gemini, alleging their prediction market platforms constitute illegal gambling operations lacking state licenses.

The DOJ and CFTC filed to enjoin Arizona's criminal and civil enforcement against prediction market platform Kalshi, arguing federally regulated event contracts fall under CFTC jurisdiction.