If anyone knows better please let me know, but this seems to be the arcane process whereby a rule winds it’s way into the open via the internal CFTC governance process. The process has two symmetrical phases I believe, ‘Initial’ and ‘Final’, where Chairman Gensler can interject with delays and repeat loops enough to really slow down the process. I suspect the flow arrows are less rigid than shown here, but at least it gives a flavour of the wriggles a rule can go through.  Now all I need is a big list of each rule and it’s current state, to predict the timing of completion….

(Click the diagram to make it bigger)