CFTC Proposed New Rules for Cryptocurrency Exchanges

• The CFTC has unveiled its first package of rules to regulate crypto markets.
• The regulations will apply to crypto exchanges registered with the CFTC.
• The regulator plans to allow such platforms to offer retail clients margin, leverage, and financing.

The U.S. Commodity Futures Trading Commission (CFTC) has unveiled its first package of regulatory standards for the crypto market. Agency head Michael Selig said so.

According to him, the CFTC is beginning the process of building a clearer federal framework for regulating crypto assets, as Congress failed to advance the CLARITY Act.

The regulator proposed two sets of rules — Regulation CTX for crypto-asset transactions and Regulation CAM for crypto-asset markets. They will set requirements for CFTC-registered exchanges that offer crypto assets for trading.

Exchanges will be allowed to use leverage

Selig said the new rules will create a specially tailored regulatory regime for crypto exchanges that want to operate within a single federal framework. Such platforms will be able to give retail clients the ability to trade using:

• margin
• leverage
• financing.

Selig emphasized that such venues differ from standard spot platforms and fall directly under the CFTC’s jurisdiction.

At the same time, the proposed rules would not require crypto assets to trade exclusively on CFTC-registered platforms. According to the agency head, the CFTC does not have the authority to impose such a requirement without a corresponding decision by Congress.

Selig said that under the previous administration, the CFTC and the SEC largely relied on regulation by enforcement rather than creating new rules for the crypto market. In his view, this contributed to some crypto companies moving operations outside the U.S.

As an example, he cited FTX, which was registered in the Bahamas. Selig also noted that FTX, BlockFi, and Voyager Digital operated in the U.S. through subsidiaries holding state money transmitter licenses.

He also pointed out that FTX customer assets held by its subsidiary registered with the CFTC remained segregated and protected.

According to the CFTC chair, this experience demonstrates the need for federal rules that both foster innovation and ensure protection for market participants.

Bitcoin and Ethereum were placed under the CFTC’s jurisdiction

The CFTC’s new proposals followed a joint interpretation by the CFTC and the SEC, published in early 2026. It determined that a number of crypto assets, including bitcoin and Ethereum, are not securities and fall under the CFTC’s regulatory authority.

Selig said the new rules should account for how crypto assets differ from traditional commodities and create clearer operating conditions for crypto companies in the US.

He said today’s steps are only the beginning of a process to close gaps in crypto market regulation. At the same time, the CFTC chair acknowledged that the regulator’s actions cannot indefinitely substitute for legislation that Congress must pass.

As a reminder, Bernstein previously predicted that the failure of the CLARITY Act could accelerate the development of crypto regulation by the SEC and the CFTC.

Сообщение CFTC Proposed New Rules for Cryptocurrency Exchanges появились сначала на INCRYPTED.