The Commodity Futures Trading Commission submitted a prerule titled "Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets" to the White House Office of Management and Budget after the Senate failed to advance the CLARITY Act on Sept. 15, 2026. The 49-50 cloture vote fell short of the 60 votes needed to proceed, prompting the CFTC and Securities and Exchange Commission to pursue measures under existing authority. CFTC Chair Michael Selig said the agency is prepared to establish crypto-market rules under the Commodity Exchange Act, while SEC Chair Paul Atkins has indicated the securities regulator will act without new legislation. The SEC has offered a five-year conditional exemption for certain qualifying tokenized-stock platforms, and the CFTC has provided no-action relief to qualifying passive software providers. Agency rules can bind market participants, but unlike legislation they can face court challenges or be revised by future administrations.