The Commodity Futures Trading Commission has launched a major rulemaking initiative to regulate digital asset markets after the Senate’s Clarity Act failed to advance.
The Commodity Futures Trading Commission (CFTC) has moved to fill a significant regulatory vacuum in the digital asset space, submitting a preliminary rulemaking proposal to the White House Office of Management and Budget on September 17, 2026. The filing, officially titled “Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets,” signals an aggressive pivot by the agency to establish a federal framework for trading, custody, and settlement without waiting for new congressional mandates. This move marks a critical juncture for market competition, as the agency seeks to bring order to a sector frequently criticized for its lack of institutional transparency.
This administrative maneuver follows the high-profile failure of the Clarity Act in the Senate on September 15. The bill, which aimed to provide a definitive legal structure for digital assets and resolve jurisdictional disputes between regulators, fell short of the 60 votes required for cloture in a narrow 49-50 split. The legislative gridlock has left the industry in a state of uncertainty, prompting CFTC Chair Michael Selig to direct staff to utilize existing statutory powers under the Dodd-Frank Act. By leaning on these established authorities, the CFTC is attempting to assert control over market structures that have, until now, operated largely outside the traditional derivatives framework.
The submission, listed under RIN 3038-AF80, is currently in the “prerule” stage. This designation indicates that the agency is still in the early phases of defining the scope of its intervention. While the specific text remains confidential, the filing suggests the CFTC is looking beyond its traditional purview of futures and swaps to potentially encompass broader market registration and intermediary conduct. For small businesses and independent innovators in the fintech space, this shift is a double-edged sword. While clear rules can prevent the predatory behavior of dominant platforms, the high cost of federal compliance often favors established institutional players, potentially entrenching a new class of corporate monopolies.
The timing of this regulatory push coincides with a period of intense political and economic pressure in Washington. Senate Majority Leader John Thune recently expressed public concern regarding the Republican majority’s stability, citing high consumer prices and the low approval ratings of the current administration. Simultaneously, the White House has faced criticism for its lack of transparency, with Vice President Vance holding the first press briefing in 42 days just as these regulatory wheels began to turn. The CFTC’s move to bypass a stalled Congress reflects a broader trend of executive agencies asserting power when the legislative branch reaches an impasse.
From a market-power perspective, the CFTC’s intervention highlights the ongoing tension between centralized regulatory control and the decentralized nature of digital finance. Critics of institutional overreach argue that shoehorning emerging technologies into decades-old frameworks could inadvertently solidify the dominance of a few large exchanges that possess the legal resources to navigate complex federal registration. There is a persistent risk that these rules will create a regulatory moat, protecting incumbent giants from the disruptive competition of smaller startups. Conversely, proponents argue that without such oversight, the market remains vulnerable to the kind of consolidation that harms individual investors.
The White House Office of Information and Regulatory Affairs must now review the proposal before it returns to the CFTC for a formal commission vote. If approved, the agency will then open the floor for public comment, a process that will likely see heavy lobbying from both traditional financial institutions and the crypto industry’s largest entities. As the CFTC navigates this path, the focus for those concerned with market integrity remains on whether these rules will foster genuine competition or merely provide a new mechanism for corporate consolidation under the guise of consumer protection.
Greg Sanders serves as the Senior Correspondent for Corporate Power and Antitrust at Just Right News, where he brings a principled, conservative perspective to the complex intersection of big business, government regulation, and the American consumer. With a career dedicated to investigative depth and economic clarity, Greg has become a leading voice in examining how the consolidation of industry power impacts the foundational values of the free market and individual liberty.
Raised in Denver, Colorado, Greg’s reporting is deeply informed by the Western spirit of independence and a healthy skepticism of centralized authority. Growing up in the shadows of the Rockies, he witnessed firsthand the importance of local entrepreneurship and the vital role that small-medium enterprises play in sustaining vibrant communities. This upbringing instilled in him a belief that the American Dream is best preserved when the playing field remains level and when competition—rather than backroom deals between corporate lobbyists and federal regulators—dictates success. For Greg, the rugged individualism of his home state serves as a constant reminder that the economy should serve the people, not the other way around.
Now based in Chicago, Illinois, Greg operates from the heart of the nation’s industrial and financial crossroads. His location in the Midwest provides him with a unique vantage point to observe the real-world consequences of corporate overreach. From the boardrooms of the Loop to the manufacturing hubs that define the region, he tracks the movement of capital and the shifting tides of market influence. Chicago’s history as a center of trade and labor offers a rich backdrop for his work, allowing him to bridge the gap between high-level economic theory and the lived experiences of hardworking Americans who feel the squeeze of monopolistic practices.
At Just Right News, Greg’s beat focuses on the “new monopolies” and the rise of “woke” corporate culture. He argues that when corporations become too large, they often abandon their fiduciary duties to shareholders in favor of social engineering and political posturing. His reporting seeks to hold these “Titans” accountable, ensuring that the power of the purse is not used to silence dissent or bypass the democratic process. He is a firm advocate for the idea that true conservatism requires a vigilant defense of competition, preventing any single entity—public or private—from exerting undue control over the lives of citizens.
This mission is most clearly seen in his acclaimed feature series, “The Titans and the Toll.” In this ongoing project, Greg explores the human cost of market consolidation, from the erosion of consumer choice to the decline of local economies. Through rigorous analysis and boots-on-the-ground reporting, he documents how the concentration of power in sectors like tech, agriculture, and finance creates a “toll” paid by the average family.
Greg Sanders remains committed to the idea that a transparent, competitive market is the greatest engine for prosperity ever devised. Through his work at Just Right News, he continues to provide the essential oversight necessary to protect that engine from the encroaching influence of corporate giants and the bureaucratic structures that enable them.