Unbelievable but true: even if you buy crypto outright and don’t use a cent of leverage, your trade could still be treated as a futures transaction. The CFTC spelled it out in its new Regulation CTX/CAM framework released today: what matters isn’t whether you borrowed money, but whether the terms of the trade include a loan or leverage option, and whether the crypto was actually delivered to you. It only counts as delivery if it reaches your own self-custody wallet within 28 days. The framework also introduces a new CAM license specifically for crypto exchanges offering leveraged trading. Spot trading will continue to be governed by state law, but once the federal regulatory framework for leveraged, margin, and financed trades is in place, exchanges will face another increase in compliance costs. Public comments are due by December 14, and the industry is surely already up in arms. #监管 #CFTC #U.S.