CFTC Moves to Build Federal Rulebook for Crypto Exchanges After Clarity Act Fails - PYMNTS.com

The Commodity Futures Trading Commission is moving to develop a federal rulebook for crypto exchanges after the Clarity Act failed to advance, according to PYMNTS.com. The development signals a shift in how U.S. crypto oversight may take shape: rather than waiting on comprehensive legislation, the CFTC appears to be pursuing a regulatory framework through its own rulemaking process.

For markets, the key question is jurisdiction. A CFTC-led rulebook would likely focus on exchanges offering derivatives and other products that fall under the agency's existing remit, while leaving parts of the spot market to other regulators. That distinction matters because it determines which platforms face federal registration, reporting, and compliance obligations — and which continue to operate under a state-by-state patchwork.

What to watch: the scope of the proposed rules, the timeline for public comment, and whether Congress or other agencies push back on the CFTC's expanded role. For now, the move suggests federal crypto oversight is progressing through agency action rather than legislation, a path that could bring more clarity but also more legal uncertainty if it is challenged.