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 following the failure of the Clarity Act, according to PYMNTS.com. The development signals that the U.S. regulator intends to address digital asset trading venues through its own rulemaking process rather than waiting on comprehensive legislation.

For markets, this matters because regulatory jurisdiction has been one of the most persistent sources of uncertainty for crypto platforms operating in the United States. A clearer federal framework could shape how exchanges register, how they handle customer assets, and which products they may list. It may also influence where crypto businesses choose to base operations and how institutional participants assess regulatory risk.

What to watch is the substance and timing of any CFTC proposals, including whether they are issued as formal rulemakings open to public comment. Also worth monitoring is how other regulators, notably the Securities and Exchange Commission, respond, since overlapping oversight has historically complicated the landscape. Any resulting framework could take considerable time to finalize, and its scope may be tested in courts.