CFTC Sends Crypto Market Regulatory Action to OIRA for Review
The U.S. CFTC has submitted a preliminary initiative concerning crypto asset regulation for interagency review. It is not yet a published proposed rule or a new binding obligation.
CFTC crypto market regulation has moved into formal interagency review. The OIRA database lists an initiative from the Commodity Futures Trading Commission (CFTC) under RIN 3038-AF80, titled “Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets.” The record was received on September 17, 2026, and has the status “Pending Review.”
The move came shortly after the U.S. Senate failed on September 15 to approve cloture on a motion to begin consideration of H.R. 3633. The procedural vote ended 49:50, so the Senate did not proceed to open debate on the bill.
CFTC crypto market regulation is still in the prerule stage
The OIRA record is listed in the “prerule” stage. It is therefore not a published proposed regulation, a final rule, or a regulation that has already created new binding obligations for crypto platforms or their customers.
The text of the measure and its precise scope are not publicly available. Therefore, it cannot yet be confirmed which platforms, types of crypto assets, or trading activities could be covered by future rules. The date when the Office of Information and Regulatory Affairs (OIRA) will complete its review is also unknown, as is the date of any possible publication of a proposal for public comment.
Agency has already indicated areas of interest
CFTC Chairman Michael Selig said in January that the agency was working on rules for leveraged, margin, or financed retail trading in crypto assets. The CFTC is also considering a specialized DCM category, meaning a designated contract market.
These earlier statements indicate the areas the CFTC is examining, but they do not themselves reveal the content of RIN 3038-AF80. The OIRA record does not make it possible to confirm whether the proposed measure will address these topics, to what extent, or through which requirements.
Signal of action through existing authority
The initiative means that the CFTC has formally moved its own regulatory action for crypto asset transactions and markets into another administrative phase. For U.S. crypto platforms, this is a signal that the agency intends to proceed in the area through its existing authority as well.
However, the OIRA submission by itself does not confirm that the CFTC can replace the statutory framework H.R. 3633 was intended to provide. It also does not yet create legal certainty about future rules, because their text has not been published.
What to watch next
- publication of a proposed rule or CFTC notice concerning RIN 3038-AF80,
- completion of the OIRA review and any opening of a public comment period,
- further legislative action on H.R. 3633 in the Senate,
- clarification of the CFTC’s position on leveraged and margin spot trading and crypto market registration.
Sources
- OIRA / Reginfo.gov – The official record confirms the title of the CFTC measure, RIN 3038-AF80, the receipt date of September 17, 2026, the “prerule” stage, and the “Pending Review” status.
- U.S. Senate Roll Call Vote 234 – The official record confirms that cloture on the motion to begin consideration of H.R. 3633 was rejected on September 15, 2026, by a vote of 49:50.
- CFTC – The Next Phase of Project Crypto – The CFTC chairman’s statement documents the agency’s earlier intention to prepare rules for leveraged crypto trading and explore a separate DCM registration category.
- CoinDesk – A secondary source confirms that the CFTC action came immediately after the unsuccessful procedural vote in the Senate.
Verified and updated: 09/19/2026 06:19
