The CFTC filed a rulemaking titled “Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets” with the Office of Information and Regulatory Affairs on Sept. 17, the agency said, days after the CLARITY Act stalled in the Senate. CFTC Chair Mike Selig said the agency was “locked in and ready to ship” rules for crypto markets using its existing statutory authority, and the filing is listed at the “prerule” stage, meaning it has not been formally proposed. For now, nothing in the filing changes what a retail user can or cannot do with a derivatives account.

The OIRA review is the front end of a longer process. Once the Office of Management and Budget returns the draft, the CFTC would hold a commission vote, open a public…