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BTC 
ETH U.S. Commodity Futures Trading Commission seeks opinions on launching new rules on leveraged trading in crypto
On Monday, the U.S. Commodity Futures Trading Commission (CFTC) launched a 60-day public comment period on two proposed rules for leveraged trading in crypto assets. However, ordinary spot transactions remain largely outside its jurisdiction.
Core Points
The agency issued advance notices about the CTX Regulations and the CAM Regulations, an early step before any formal proposal is made.
Exchanges that provide leveraged or margin trading to retail customers could register as a new type of federally regulated trading venue.
Unless Congress takes action, unleveraged spot trading will remain governed by state regulations.
CFTC Cryptographic Rules Framework
The agency issued advance notices of rulemaking regarding the Regulation CTX and Regulation CAM. Chairman Michael Selig proposed the plan in a speech at Fordham University Law School in New York and defended it in a newspaper opinion piece.
The notice was issued before any formal proposal and no binding requirements were currently set. Written comments will be submitted within 60 days of the notice being published in the Federal Register, and the agency said they will inform subsequent rulemaking efforts. The framework will cover crypto-asset transactions involving leverage, margin or financing.
In addition, the plan would create a registration category called the "Crypto-Asset Market," a narrower version of the "designated contract market" status held by existing futures exchanges. Registration will be voluntary, but will be subject to anti-manipulation controls and an obligation to prove reserves. Places that choose to join will follow a unified system of federal rules rather than decentralized state money transmission licenses, and registered futures commission merchants will process customer transactions.
Selig points to regulatory gaps
The plan has stalled in the spot market. Direct buying and selling of assets such as Bitcoin (BTC) and Ethereum (ETH)(which does not involve leverage) remains governed by state money transmission laws, and the federal plan cannot replace this law. The CFTC can still combat fraud and manipulation in this area. Selig wrote in the article that without congressional action, the agency has no authority to force the transfer of crypto assets to registration platforms. "We're giving them an answer," Selig said in his speech, referring to entrepreneurs who have been unsure for years whether the U.S. market has a place for them. He also acknowledged that institutional action could not be a substitute for legislation indefinitely, and analysts warned that rules lacking written law support could face court challenges or be invalidated by changes in political leadership.
Impact of the Clarification Act
Congress had a chance to fill that gap. The Digital Asset Market Clarity Act, which aims to give the CFTC clear jurisdiction over the crypto spot market, stalled in the Senate several weeks ago, forcing regulators to act on their own. In contrast, the U.S. Securities and Exchange Commission (SEC) moved faster, recommending custody rules for investment companies last week after jointly classifying Bitcoin and Ethereum as non-securities with the CFTC at the beginning of the year.
