The U.S. CFTC steps in: Is leveraged crypto trading for retail investors heading toward a “federal license” model?
On October 5, CFTC Chair Selig announced two advance notices of proposed rulemaking (ANPRMs) at the Fordham Blockchain Regulation Symposium: Regulation CTX (crypto asset trading) and Regulation CAM (crypto asset markets). Key points:
1. What’s covered: Margin, leveraged, or financed crypto trading aimed at retail investors—not ordinary spot trading.
2. New license: The proposal would establish “Crypto Asset Markets” (CAMs) as a subclass of CFTC-designated contract markets (DCMs), specifically for these types of trading. Existing DCMs could also offer them under their current registrations.
3. Not mandatory: Selig explicitly said that without an act of Congress, the CFTC has no authority to require crypto assets to be traded on platforms registered with it. State-regulated spot markets would not be affected.
4. Background: After the CLARITY Act stalled in the Senate, the CFTC opted to move ahead using its existing statutory authority. Earlier this year, a joint CFTC-SEC interpretation classified $BTC , $ETH , and others as non-securities. Selig also reportedly cited XRP and Solana as examples of “digital commodities.”
5. Timeline: These are currently requests for comment, not final rules. A 60-day public comment period will begin after publication in the Federal Register; only afterward could the process move on to a formal proposal.
Takeaway: This won’t change existing trading in the short term, but U.S. regulation is shifting from “regulation by enforcement” to “rules first”—a trend worth watching over the medium to long term.
For informational purposes only; not investment advice. DYOR. Use official channels only, and don’t click unfamiliar claim links.
#CFTC #加密监管 #美国监管 #比特币 #Crypto
On October 5, CFTC Chair Selig announced two advance notices of proposed rulemaking (ANPRMs) at the Fordham Blockchain Regulation Symposium: Regulation CTX (crypto asset trading) and Regulation CAM (crypto asset markets). Key points:
1. What’s covered: Margin, leveraged, or financed crypto trading aimed at retail investors—not ordinary spot trading.
2. New license: The proposal would establish “Crypto Asset Markets” (CAMs) as a subclass of CFTC-designated contract markets (DCMs), specifically for these types of trading. Existing DCMs could also offer them under their current registrations.
3. Not mandatory: Selig explicitly said that without an act of Congress, the CFTC has no authority to require crypto assets to be traded on platforms registered with it. State-regulated spot markets would not be affected.
4. Background: After the CLARITY Act stalled in the Senate, the CFTC opted to move ahead using its existing statutory authority. Earlier this year, a joint CFTC-SEC interpretation classified $BTC , $ETH , and others as non-securities. Selig also reportedly cited XRP and Solana as examples of “digital commodities.”
5. Timeline: These are currently requests for comment, not final rules. A 60-day public comment period will begin after publication in the Federal Register; only afterward could the process move on to a formal proposal.
Takeaway: This won’t change existing trading in the short term, but U.S. regulation is shifting from “regulation by enforcement” to “rules first”—a trend worth watching over the medium to long term.
For informational purposes only; not investment advice. DYOR. Use official channels only, and don’t click unfamiliar claim links.
#CFTC #加密监管 #美国监管 #比特币 #Crypto