The CFTC is proposing two new rules to expand oversight of crypto activities and exchanges. However, these proposals focus primarily on activities involving derivatives contracts and do not cover spot markets, where digital assets are bought and sold directly. This means that straightforward crypto trading remains outside the scope of both agencies’ regulations, leaving a large part of the market without clear federal oversight.

This development reflects the ongoing regulatory momentum in Washington, although the boundaries of authority between the CFTC and SEC over crypto assets remain unresolved.