The U.S. commodities regulator has opened a public consultation to create a new category of federally registered exchanges, with reserve-proof requirements and anti-manipulation controls for those wishing to offer margin trading to retail investors.

The Commodity Futures Trading Commission (CFTC) has launched a formal rulemaking process for leveraged, margined, or financed retail crypto-asset trading in the United States. The proposal, published this week, creates a new category of federally registered platforms called crypto asset markets and introduces two key regulations: Regulation CTX and Regulation CAM.

CFTC Chairman Michael S. Selig defended the initiative in an article published in The Wall Street Journal. The regulator’s opening of a public consultation marks a turning point: for the first time, the retail leveraged crypto market would have a clear federal pathway, without relying exclusively on state licenses.

The two regulations form the core of the proposed framework. Regulation CTX sets the rules for registering and operating the new crypto asset exchanges, while Regulation CAM governs the activities of intermediaries in this market.

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