CFTC Sends Crypto Prerule to White House for Review

This is a notable shift in where crypto market structure is actually being decided: with Congress stalled after the Clarity Act's collapse, the CFTC is advancing a derivatives framework under its existing authority rather than waiting for legislation. The practical effect is that the rulemaking path, not the legislative one, now sets the terms for how crypto derivatives and related markets are treated. The scope of the prerule and how it interacts with other regulators' jurisdictions is the open question worth watching.