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BTC The U.S. Commodity Futures Trading Commission takes first step in developing new regulations
The U.S. Commodity Futures Trading Commission (CFTC) has taken preliminary steps to develop new regulatory regulations, officially opening the process of developing enforceable rules in areas the agency has previously identified as priorities. This move marks a shift from general guidelines to a structured rule-making process that can produce binding legal force.
The "first step" in the federal rule-making process is exactly what it means: it is a start, not a final conclusion. Regulators like the CFTC typically issue formal notices, advance rulemaking proposals, or requests for information before any enforceable regulations take effect. The initial document delineated the scope of supervision, initiated a public comment period, and invited industry and legal communities to provide challenges and feedback before the final rule text was written.
The gap between the "first step" and the "final rules" is a critical stage when regulatory rules are shaped, relaxed or even shelved. The public comment period usually lasts from several weeks to months. Based on industry feedback, the proposed text may be subject to significant revisions. A rule that appears radical when entering the process may become mild and restrictive when exiting the process.
Sources of CFTC rule-making powers
The CFTC's powers stem from the Commodity Exchange Act, which gives it jurisdiction over derivatives markets and, more recently, over certain digital asset trading activities. Any new regulations issued under this authority must pass the "notile-comment" requirements stipulated in the Administrative Procedure Law before they can be enforceable.
At present, this process in related fields has been advanced simultaneously in multiple aspects. The CFTC has proposed rules related to cryptocurrencies under the CTX and CAM frameworks, and has submitted a separate rulemaking proposal specifically for crypto-asset trading. Each action follows the same "first-step" logic: announce intentions, solicit responses, revise and improve, and finalize.
Next steps determine everything
The next important milestone in the CFTC rule-making process is the publication of the proposed rule text in the Federal Register, which will officially start the comment timer. Affected financial institutions, exchanges, legal bodies and the public may submit written comments. These comments will become part of the administrative record and agencies must respond to and process them before issuing final rules.
The CFTC also demonstrated that the rule-making process can go beyond the institution itself. In previous regulatory cycles, the agency has submitted proposed cryptocurrency rules to the White House for review, a step that suggests the executive branch of the government wants to maintain visibility and control of the process before enforcement action begins.
The jurisdiction itself is also facing controversy. The agency is currently filing a lawsuit over forecast market jurisdiction, a reminder that even formal CFTC rules can face legal resistance before becoming binding on them.
The first step is often the most uncontroversial part. The real key is what the agency will write next, and whether industry or Congress will take action to stop it in the process.
