CLARITY法案投票失败后，CFTC与SEC携手制定加密货币监管规则

The U.S. CFTC sends a signal that it will advance structural supervision of crypto exchanges even if Congress fails to pass new legislation.

The U.S. Commodity Futures Trading Commission (CFTC) sends a signal that even if Congress fails to pass new legislation, it will still promote a more structured approach to regulation of crypto exchanges. CFTC Chairman Michael Selig said the agency would "have the law but cannot do the same" and noted that the proposal would provide a clearer path for certain crypto platforms to operate under the CFTC's national supervision.

On Monday, Selig delivered a speech at a blockchain regulatory seminar at Fordham University Law School, outlining a framework aimed at reducing reliance on inconsistent state rules for some cryptocurrency trading products-while clearly distinguishing the boundaries between leveraged and margin products and "plain spot" exchanges.

Core Points

• CFTC Chairman Michael Selig said that whether or not Congress passes new measures, the agency plans to use existing legal powers to advance encryption rules.
• The proposed rules would create a new CFTC category, the "Crypto-Asset Market"(CAM), that would allow eligible exchanges to register as a Designated Contract Market (DCM) under a unified framework.
• The "CTX" concept proposed by the CFTC is mainly aimed at companies that provide retail customers with the ability to trade crypto assets on margin, leverage or financing.
• Spot crypto exchanges (Selig said they are usually governed by state money transmission laws) do not fall within the new CAM category, but the CFTC retains anti-fraud and anti-manipulation enforcement powers.
• This new push comes after the U.S. Senate failed to advance the CLARITY Act.

National paths for specific crypto trading venues

Selig's remarks focused on proposals aimed at making the CFTC more uniform in its regulation of specific crypto activities. Based on remarks delivered at the Fordham event, the CFTC has issued an advance notice of the proposed rule development to cover companies that "provide retail customers with the ability to trade crypto assets on margin, leverage or financing," which Selig defines as "CTX."

The core idea is to provide companies with an alternative to what Selig describes as the "patchwork" status quo required by U.S. states. For market participants, the appeal of the federal channel is obvious: clearer compliance expectations can reduce legal uncertainty and operational friction, especially for exchanges that handle more complex transaction structures for retail access.

Selig also stated that the CFTC intends to create a designated contract market (DCM) category called the "Crypto-Asset Market"(CAM). Under this framework, eligible exchanges can choose to register as CAM or choose other appropriate DCM path.

How does the CFTC distinguish leveraged crypto from spot trading

Not all crypto exchanges are included in the new proposal. Selig said the rules would not extend to what he called "ordinary spot crypto exchanges," which he described as "generally governed by state money transmission laws."

This distinction is critical to compliance planning. This means that companies that offer spot trading-such as trading pairs where users typically hold or transfer assets without involving leverage or margin structures-may still face a regulatory environment dominated by various levels of currency transmission rules.

However, Selig emphasized that the CFTC will continue to have the power to enforce anti-fraud and anti-manipulation requirements on the spot market. In practice, this suggests that even if the CAM path does not apply, enforcement risks related to market integrity still exist.

Why timing depends on Congress and executive action

Selig's efforts to push the regulatory structure follow a difficult time on Capitol Hill. A few weeks ago, members of the U.S. Senate failed to approve the CLARITY Act, which had expected to expand clarity on crypto regulation and enforcement. The stagnation of legislation has increased pressure on institutions that want to build a coherent framework without a new legal mandate.

Previously, the Securities and Exchange Commission (SEC) announced a "customized securities issuance system" for crypto assets. The SEC proposal was released in August before the CLARITY vote failed, reinforcing expectations that both agencies would act with their existing powers rather than waiting for Congress to set new benchmarks.

In Selig's speech, the message was very direct: Trump promised to establish a market structure for regulating crypto-assets, and regulators would rely on existing powers to achieve this goal,"with or without legislation."

Operational question: Can institutions keep pace?

In addition to policy design, the CFTC's ability to implement changes may depend on staffing. The article noted that Friday was the last day for SEC Commissioner Hester Peirce's eight-year term. Her departure leaves the SEC with only two commissioners to lead it, while at the CFTC, Selig is described as the only commissioner and chairman.

A White House official told reporters last week that Trump intends to nominate commissioners for both agencies in the "near future," but as of Monday, the administration had not announced a replacement for Paynes or other commissioners. For market participants, understaffing can slow rulemaking, delayed enforcement priorities, and reduced internal resources, factors that can affect the speed at which any new regulatory path is put into operation.

Selig's comments, meanwhile, point to a way of trying to maintain momentum within these constraints. By using advance notice and existing legal authority from proposed rulemaking, the CFTC can begin to shape expectations about market structure, even as leadership and capabilities continue to change.

投资者和建设者应密切关注CFTC关于“CTX”的预先通知以及计划的“加密资产市场”注册类别是否从提案转化为正式法规文本，以及服务于零售客户的交易所如何评估其产品是否符合保证金/杠杆通道或仍被归类为“普通现货”。同样重要的是，SEC和CFTC的人员变动是否会改变执法和实施的速度和重点。