The Commodity Futures Trading Commission sent a crypto market-structure rulemaking to the White House on Thursday, two days after the Senate rejected a motion to advance the CLARITY Act. The Office of Information and Regulatory Affairs lists the action under RIN 3038-AF80 as "Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets." It reached OIRA on Sept. 17 and is classified as a prerule, not a proposed rule. The filing has no abstract or text, is marked not economically significant, carries no legal deadline and has not appeared in a Unified Agenda. CFTC Chairman Michael Selig has directed staff to develop rules covering off-exchange leveraged, margined or financed retail crypto transactions, designated contract markets, a potential registration category for retail crypto trading, tokenized collateral and compliant access for onchain finance protocols. The CFTC says it will use existing authority if the legislation stalls. The SEC is further along, with its Regulation Crypto Assets proposal in the Federal Register through Oct. 20 and a custody rewrite under proposed-rule review. The Senate vote on H.R. 3633 failed 49-50, while Polymarket’s 2026 odds for enactment fell to 7.9% from 19.5% before the vote.