The Commodity Futures Trading Commission's new proposal to regulate digital asset transactions reached the White House Office of Management and Budget on September 17. This filing follows a September 15 Senate cloture vote for the CLARITY Act that failed 49-50, missing the 60 vote threshold by 11. The agency also expanded a no-action position previously granted to Phantom, allowing other developers of passive software and crypto wallets to connect users to registered derivatives markets without registering as introducing brokers.

The Securities and Exchange Commission issued a 5 year Innovation Exemption permitting tokenized US stocks to trade on blockchain platforms using permissioned automated market makers. Coinbase CEO Brian Armstrong stated that these separate agency rules may be "arguably going to be more permissive in certain ways" than the rejected legislation. This shift toward agency-led rulemaking occurs as the CFTC and SEC use existing authorities to define crypto market structures after the Senate's legislative failure.