Big news: While Congress’s legislation is still stalled, the U.S. CFTC has offered crypto exchanges a federal framework to “voluntarily get on board” 🇺🇸
On October 5, CFTC Chair Michael Selig released a 108-page advance notice of proposed rulemaking (ANPRM), outlining two sets of rules: Reg CTX and Reg CAM. It was published in the Federal Register on October 13, and the public comment period runs through December 14.
Here’s a quick breakdown of the framework:
🔹 Reg CAM is primarily aimed at retail crypto platforms that offer leverage, margin, or financing services. They can voluntarily register with the CFTC as a “Crypto Asset Market” (CAM), gaining a single federal status instead of having to navigate licenses state by state.
🔹 Spot trading without leverage isn’t subject to the framework’s mandatory requirements. The CFTC’s oversight would be limited to preventing fraud and market manipulation.
🔹 Reg CTX focuses on defining what counts as “actual delivery.” The CFTC’s preliminary view is that coins are truly delivered only when they’re transferred to a wallet whose private keys you control.
I think there are two things worth paying the most attention to:
1️⃣ The keyword is “voluntary.” Selig has also acknowledged that requiring all platforms to register would take an act of Congress. So the framework’s real significance will depend on how many exchanges are willing to take on the compliance costs in exchange for federal endorsement.
2️⃣ The idea that “whoever holds the private keys owns the coins” effectively gives self-custody wallets a clear path under the rules.
This is still only at the public-comment stage, and there are several steps to go before any rules are finalized. Don’t treat it as a bullish sign that “the U.S. is fully opening up” just yet.
Do you think major exchanges will rush to get a voluntary federal license?
#CFTC推进RegCAM自愿监管框架 #BTC #ETH
On October 5, CFTC Chair Michael Selig released a 108-page advance notice of proposed rulemaking (ANPRM), outlining two sets of rules: Reg CTX and Reg CAM. It was published in the Federal Register on October 13, and the public comment period runs through December 14.
Here’s a quick breakdown of the framework:
🔹 Reg CAM is primarily aimed at retail crypto platforms that offer leverage, margin, or financing services. They can voluntarily register with the CFTC as a “Crypto Asset Market” (CAM), gaining a single federal status instead of having to navigate licenses state by state.
🔹 Spot trading without leverage isn’t subject to the framework’s mandatory requirements. The CFTC’s oversight would be limited to preventing fraud and market manipulation.
🔹 Reg CTX focuses on defining what counts as “actual delivery.” The CFTC’s preliminary view is that coins are truly delivered only when they’re transferred to a wallet whose private keys you control.
I think there are two things worth paying the most attention to:
1️⃣ The keyword is “voluntary.” Selig has also acknowledged that requiring all platforms to register would take an act of Congress. So the framework’s real significance will depend on how many exchanges are willing to take on the compliance costs in exchange for federal endorsement.
2️⃣ The idea that “whoever holds the private keys owns the coins” effectively gives self-custody wallets a clear path under the rules.
This is still only at the public-comment stage, and there are several steps to go before any rules are finalized. Don’t treat it as a bullish sign that “the U.S. is fully opening up” just yet.
Do you think major exchanges will rush to get a voluntary federal license?
#CFTC推进RegCAM自愿监管框架 #BTC #ETH