US crypto policy did not stand still this week. Days after the Senate failed to advance the CLARITY Act, the Commodity Futures Trading Commission (CFTC) moved its own crypto rulebook toward the White House, and Coinbase asked federal regulators for permission to bring perpetual futures on individual stocks to American traders. Together, the two developments suggest that the next chapter of US crypto regulation is being written by agencies and exchanges rather than by Congress.
The CFTC Sends Its Crypto Rules for White House Review
According to a filing with the Office of Information and Regulatory Affairs (OIRA), the CFTC submitted an action titled "Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets," which the office received on September 17. The item is listed at the prerule stage, the earliest point in the regulatory pipeline, and the filing does not reveal what the rules will actually say. The CFTC declined to comment on details.
The timing is notable. On September 15, the Senate voted 49 to 50 on a procedural motion to advance the CLARITY Act, eleven votes short of the 60 required. The bill would have created the first comprehensive federal framework for digital assets, including clearer lines of responsibility between the CFTC and the Securities and Exchange Commission (SEC). A day after the vote, CFTC Chair Michael Selig said the agency was ready to move ahead using its existing statutory authority, and SEC Chair Paul Atkins said his agency would also proceed with or without new legislation.
What the framework could look like is so far known only from Selig's earlier remarks. In August, he said he had asked staff to explore rules that would allow registered firms and currently unregistered crypto exchanges to become a new type of designated contract market, a "crypto asset market," where leveraged or margined trading could be offered under CFTC oversight. Those details come from his speech, not from the filing itself.
OIRA review does not make the proposal effective. Once the review is complete, the package can return to the CFTC with possible revisions. The commission must then vote before it is published for public comment, and a final rule would require another vote.
Coinbase Files for Single-Stock Perpetual Futures
On September 18, Coinbase announced that it had filed to list the first single-stock perpetual futures in the United States. The submission was made through Coinbase Derivatives and seeks CFTC approval; the regulator's listing shows the product, classified as a single-stock future, as approval pending. Coinbase said the contracts would offer 24/5 exposure to individual equities, and media reports indicate the initial lineup could include more than 50 large US companies, with names such as Nvidia, Microsoft and Tesla mentioned.
Perpetual futures are contracts with no expiration date. Traders can hold them as long as margin requirements are met, while periodic funding payments between long and short holders keep the contract price close to the underlying asset. The contracts provide price exposure without owning the shares, and leverage can magnify both gains and losses. Coinbase already operates a US perpetual futures market for crypto assets and framed the new filing with the line "Crypto was first, now it's time for stocks." The products still need regulatory clearance before any trading can begin.
A Common Thread: The CFTC Moves to Center Stage
Both stories run through the same agency. The CFTC would oversee any crypto asset market regime built on its existing authority, and it is also the regulator whose approval Coinbase needs for stock perpetuals. For exchanges, the message is that product innovation and rulemaking are advancing in parallel, even without a congressional framework. The trade-off is that agency-level measures offer near-term clarity but remain subject to review, expiration and future rulemaking, which is a less permanent foundation than legislation.
Market Backdrop
Crypto prices rallied through the news cycle. Bitcoin climbed above $80,000 on September 18 and 19 in a broad risk-on session, as investors looked past both the Federal Reserve's rate decision earlier in the week and the CLARITY Act setback.
What to Watch Next
Market participants will be watching whether OIRA returns the CFTC package and when the commission schedules a vote, whether a public comment period opens, and what the proposal says about leveraged trading and crypto exchanges. They will also look for the CFTC's response to Coinbase's filing, including the final stock list and leverage limits, and for any attempt by lawmakers to revive the CLARITY Act.
