Summary
The US Commodity Futures Trading Commission (CFTC) issued an advance notice of proposed rulemaking (ANPR) on October 5, 2026, proposing two frameworks: Regulation CTX (Crypto Asset Transactions) and Regulation CAM (Crypto Asset Markets). CTX targets retail crypto trading that offers leverage, margi…
Key points
- This is the starting point for the first dedicated federal framework for crypto spot and leveraged trading in the US, directly determining the compliance path and costs for exchanges operating in the country.
- The CFTC is drawing the federal registration line for leveraged retail crypto trading under its existing authority first, which will change exchanges' US product design and customer strategies.
- Platforms offering leveraged or financed crypto trading in the US need to assess whether to switch to federal registration or maintain state licenses; ordinary investors may see more federally regulated leveraged products and reserve disclosure requirements.
- Citing the FTX collapse, Selig pointed out that customer assets held at CFTC-registered subsidiaries are protected, emphasizing that rules-based regulation is better than after-the-fact enforcement.
Editorial note
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