Update for XRP Holders: CFTC Just Took Major Action for Bitcoin and Crypto

Former Fox Business journalist Eleanor Terrett reported that the CFTC has submitted its crypto rulemaking to the White House for review.

The proposed rule is titled “Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets.” The White House Office of Information and Regulatory Affairs received it on September 17.

The rule is tied to the Dodd-Frank Wall Street Reform and Consumer Protection Act. The submission came just days after Chair Michael Selig said the agency was “locked in and ready to ship rules.”

Selig’s Commitment

Selig made his intentions clear at the CFTC’s inaugural Innovation Advisory Committee meeting on August 20. He directed staff to explore rules that would allow crypto exchanges to receive designation as a type of Designated Contract Market, specifically a “Crypto Asset Market.” Those designated entities would offer crypto asset trading on a leveraged or margin basis under CFTC oversight.

“If CLARITY continues to stall because of Democrat obstruction, the CFTC will utilize its existing authorities to begin establishing a regime for crypto asset markets,” Selig said. “We owe it to the American people to do so.”

He cited the CLARITY Act, which failed its Senate cloture vote on September 15, falling short at 49-50. The CFTC’s rulemaking submission two days later shows the agency moved immediately.

The OIRA Process

The submission to OIRA is a required procedural step before a proposed rule can move forward. OIRA reviews the rule, can request changes, and then clears it for public comment. The process is standard but consequential.

Once cleared, the CFTC publishes the proposed rule and opens a comment period. After that, the agency moves toward finalization. Selig has stated his goal is to finalize rules before the end of the current administration.

What This Means for XRP

XRP holders have reason to follow this closely. Ripple CEO Brad Garlinghouse attended the White House crypto summit in August. Ripple also holds a seat on the CFTC’s Innovation Advisory Committee, giving the company direct input into the regulatory process now shaping market structure.

A CFTC-built framework creates a formal path for crypto assets to operate under U.S. law. Clear rules on leverage, margin trading, and exchange designation remove the regulatory uncertainty that has weighed on XRP and the broader market.

The SEC has moved in parallel, releasing a major proposal on September 1 covering transfer agent regulations and tokenized securities. The CFTC is moving, and the crypto industry will soon get the clarity it has been asking for.