This is worth keeping an eye on, TokenPost: CFTC Chair Selig said crypto exchanges can choose between state licenses and federal registration based on their business models. Federal registration is an option, not a requirement—and a one-size-fits-all national regime would require an act of Congress.

The context is the ANPRM issued on 10/5 (Regulation CTX / CAM): for retail crypto transactions involving margin, leverage, or financing, the CFTC is considering tailored federal rules. Ordinary spot trading will mostly remain under state money-transmission and licensing frameworks (such as New York’s BitLicense). He favors uniform standards for interstate business.

These are not final rules yet; the comment period runs through 12/14. The next question is how the “optional federal pathway” will work in practice—or whether Congress will go further. That’s more concrete than simply calling for regulatory clarity.

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