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 a shift in how U.S. regulators may approach oversight of digital asset trading venues — away from waiting on comprehensive legislation and toward agency-level rulemaking.

For markets, the significance lies in what a formal CFTC framework could mean for exchanges operating in the U.S.: clearer registration paths, defined compliance expectations, and potentially greater consistency across venues. That matters because regulatory uncertainty has long been cited as a factor shaping where crypto businesses choose to operate and list products.

What to watch from here is the substance and scope of any proposed rules — particularly how the CFTC defines which assets and activities fall under its jurisdiction, and how the framework interacts with existing securities oversight. The pace of the rulemaking process, and any industry response during public comment periods, will indicate how quickly a federal rulebook could take shape.