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XTZ CFTC Chairman Michael Selig clarifies the definition of digital commodities and regulatory framework for crypto transactions
Michael Selig, Chairman of the U.S. Commodity Futures Trading Commission (CFTC), elaborated on proposed rules for the U.S. crypto market at the seminar on blockchain regulation at Fordham University School of Law in New York. His speech covered key issues such as the "CTX Regulations" and "CAM Regulations", customer asset protection, on-chain delivery, and developer compliance. Selig clearly pointed out that Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Stellar Lumens (XLM), Tezos (XTZ) and Ripple (XRP) belong to the category of digital goods.
Regulatory Framework for Leveraged Crypto Trading
The proposed rules of the CFTC are mainly aimed at platforms that provide retail customers with margin, leverage or financing functions to trade cryptoassets. Selig defines these transactions as "CTX transactions" and proposes a three-level regulatory framework:
- Level 1: Covers ordinary spot exchanges.
- Level 2: covers leveraged crypto trading.
- Level 3: Covers perpetual contracts and other derivatives.
According to the "CAM Regulations", platforms that only provide CTX trading can apply for registration as a crypto asset market. Designated contract markets can also offer CTX trading as permitted by customized rules. The framework requires regulated retail transactions to be intermediated through futures commission merchants (FCMs). FCM will be responsible for managing customer accounts and funds subject to customer protection rules.
These requirements include information disclosure, capital standards, asset sequestration and anti-money laundering obligations. In addition, the CFTC also proposes to implement reserve certification requirements for specific platforms that hold customer assets.
Six major digital commodity examples and classification systems
Selig discussed the crypto-asset classification method jointly proposed by the CFTC and the U.S. Securities and Exchange Commission (SEC). The classification divides crypto assets into five major categories: digital goods, digital collectibles, digital tools, stablecoins and digital securities.
In this classification system, Bitcoin, Ethereum, Solana, Stellar Lumens, Tezos and XRP are listed as typical examples of digital goods. Selig said the first three categories-digital goods, digital collectibles and digital tools-are not usually considered securities.
He also mentioned that the CFTC intends to clarify the "actual delivery exception" clause for CTX transactions. This exception is usually met if crypto assets are transferred to an external unmanaged wallet within 28 days.
Compliance path for on-chain developers
Selig pointed out that the CFTC is exploring policies for developers who only publish software. This policy is designed to cover developers who do not solicit orders, do not control execution processes, and do not hold customer assets. He emphasized that developers should not be required to register as an introducing broker just because they have released code.
Currently, CFTC staff are actively interacting with developers to review places on the chain and the distribution of control. The proposed rules were introduced after Congress failed to submit the Clarity Act to President Trump.
