CFTC Launches Crypto Market Structure Rulemaking as SEC Advances Its Own Digital Asset Framework

On October 5, 2026, the Commodity Futures Trading Commission (the “CFTC”) released an Advanced Notice of Proposed Rulemaking (“ANPRM”), as approved by the Commission and subject to pre-publication technical corrections, seeking comment on a potential comprehensive, tailored framework for retail commodity transactions involving crypto assets (“CTXs”) under Section 2(c)(2)(D) of the Commodity Exchange Act (“CEA”). The action comes as the Senate failed to invoke cloture on the Digital Asset Market Clarity Act of 2025 (the “CLARITY Act”) on September 15, 2026, and as the Securities and Exchange Commission (the “SEC”) advances its own digital-asset framework through Regulation Crypto Assets and temporary exemptive relief for tokenized securities venues (“TSVs”). Together, the CFTC and SEC actions indicate that, in the near term, agency rulemaking and exemptive action will play an increasingly significant role in shaping the regulatory landscape for digital assets as comprehensive