美国商品期货交易委员会（CFTC）发布预规则，在参议院受挫后将加密货币衍生品推向焦点

The U.S. Commodity Futures Trading Commission submits preliminary regulation on crypto assets, agency action accelerates after Senate legislation thwarted

According to a document released this week, the U.S. Commodity Futures Trading Commission (CFTC) has submitted a preliminary regulation draft entitled "Regulation of Crypto Asset Trading and Regulation of Crypto Asset Markets." The text of the document has not yet been made public, and the submission marks only an early step in the regulatory process rather than a final version of the regulation. However, the timing was noteworthy: the move came just days after the Clarity Act, which Congress tried to create a comprehensive market structure bill, failed to pass the Senate's 60-vote final debate threshold.

Why is the CFTC advancing at this time?

The Clarity Act aims to establish federal rules for digital assets and divide regulatory powers between the CFTC and the Securities and Exchange Commission (SEC). The bill's closing debate vote failed on Tuesday, and lead negotiator Senator Cynthia Loomis said hopes of the bill passing this year were nearly dashed, although other lawmakers have said they will continue to push the bill even if the legislative calendar shortens before the midterm elections. It is this legislative deadlock that forms the background for the Clarity Act to be blocked in the Senate, which also makes the CFTC's own rulemaking power the closest thing to the regulatory timetable in the U.S. crypto market.

此前，财政部长斯科特·贝森特曾指出，如果《Clarity Act》停滞不前，机构规则制定将是备选方案。CFTC向OIRA提交文件表明，该机构打算利用现有的法定权力构建加密衍生品框架，而不是等待国会采取行动。这一动态部分受到围绕美国加密资产监管的游说斗争影响，使得全面立法的组装变得困难重重。

预规揭示了什么，又未揭示什么？

OIRA会在机构发布联邦规则之前对其进行审核，而预规处于该流程的最早阶段，位于任何公开文本之前。由于CFTC尚未披露文件内容，目前尚不清楚规范加密衍生品交易的具体条款。但主要来源确立的是方向而非细节：该机构正在构建衍生品框架，而非主张对加密现货市场的完全管辖权，后者仍需国会行动才能扩展。

The submission of this document was not an isolated incident. The CFTC recently issued a "no-action relief" measure that allows certain software providers, including crypto wallet apps, to provide users access to regulated derivatives without registering as an introducing broker. At the same time, the SEC introduced an innovative exemption that allows eligible trading platforms to natively trade tokenized U.S. stocks on the blockchain network without registering as a national exchange. The parallel move highlights that the two regulators are actively moving along their respective tracks rather than waiting for a unified law to be introduced. This model also echoes unresolved rule issues in Congress about decentralized finance (DeFi) and stablecoin market structures.

What is the next step after the CFTC submits a document?

Current market impact is limited: CFTC documents only state intentions, not enforceable rules. Nothing currently changes the way crypto derivatives are traded today, and substantive requirements will have to wait until the text is made public through the normal rule-making process before being evaluated. Regulators have described their rulemaking push as a bridge to final legislation rather than an alternative. This formulation is crucial for investors to interpret the current situation-the CFTC and the SEC are filling a gap left by the stalled debate on market structures in Congress, but the scope of institutional rules is narrower and less durable than bills passed by Congress. The current practical conclusion is that the U.S. crypto market structure will continue to evolve through parallel institutional actions by the CFTC and the SEC, while the comprehensive federal framework promised by the Clarity Act remains unresolved.

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