Michael Passalacqua, senior adviser to CFTC Chair Mike Selig and head of the agency’s Innovation Task Force, outlined the Reg CAM framework for crypto asset markets. According to Odaily, the framework is intended to give crypto trading platforms a voluntary path into unified, CFTC-led federal oversight after the Clarity Act stalled. It mainly targets platforms offering retail customers leveraged, margin or financed trading, allowing them to avoid navigating a patchwork of state money transmission licenses; spot trading without leverage would generally remain outside the mandatory framework. Passalacqua said rulemaking is in the public comment stage, and it remains unclear whether the industry will find the proposal attractive.