The U.S. has finally issued a “federal birth certificate” for leveraged crypto trading—but note the word “voluntary.” 📜
On 10-05, the CFTC officially introduced Reg CTX + Reg CAM.
The core idea is to create a new registration category, “crypto asset market,” for crypto platforms offering leveraged and margin trading. They can follow one set of federal rules instead of battling it out for licenses in all 50 states.
It also comes with strict requirements, including anti-manipulation measures and proof of reserves.
But the key word is “voluntary”: the CFTC itself admits that without authorization from Congress, it can’t force every platform to register.
And for now, it’s only cleared OIRA’s preliminary review and entered a 60-day public comment period—it’s still a long way from taking effect.
My take: this is a long-term positive, with U.S.-compliant exchanges like Coinbase as the biggest beneficiaries.
But don’t chase it in the short term—COIN was still down 5.8% on Friday (closing at $173.16). The market clearly isn’t paying attention.
Let’s wait and see when the first CAM actually launches; if Congress or the courts challenge and overturn the framework, the thesis falls apart.
To put it plainly: regulation you can opt into is basically no regulation. Disagree? Come argue with me 😏.
$COIN
#CFTC推进RegCAM自愿监管框架
On 10-05, the CFTC officially introduced Reg CTX + Reg CAM.
The core idea is to create a new registration category, “crypto asset market,” for crypto platforms offering leveraged and margin trading. They can follow one set of federal rules instead of battling it out for licenses in all 50 states.
It also comes with strict requirements, including anti-manipulation measures and proof of reserves.
But the key word is “voluntary”: the CFTC itself admits that without authorization from Congress, it can’t force every platform to register.
And for now, it’s only cleared OIRA’s preliminary review and entered a 60-day public comment period—it’s still a long way from taking effect.
My take: this is a long-term positive, with U.S.-compliant exchanges like Coinbase as the biggest beneficiaries.
But don’t chase it in the short term—COIN was still down 5.8% on Friday (closing at $173.16). The market clearly isn’t paying attention.
Let’s wait and see when the first CAM actually launches; if Congress or the courts challenge and overturn the framework, the thesis falls apart.
To put it plainly: regulation you can opt into is basically no regulation. Disagree? Come argue with me 😏.
$COIN
#CFTC推进RegCAM自愿监管框架