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FollowingThe CFTC proposes new rules for leveraged crypto trading, clarifying a federal regulatory path for U.S. crypto platforms
The U.S. Commodity Futures Trading Commission (CFTC) recently proposed a new federal framework to regulate crypto exchanges that provide leveraged trading to retail customers. The move is expected to provide a clearer path to federal regulation of U.S. crypto platforms in the context of the lack of extensive crypto market legislation in the United States.
Core content of the new framework
CFTC Chairman Michael S. Selig Selig) announced the proposals on October 5 at the Fordham University Law School's blockchain regulatory seminar in New York. The agency is soliciting public comments on the Crypto Asset Trading Rules (CTX) and the Crypto Asset Market Rules (CAM).
According to the description, the framework will provide a federal-level compliance path for crypto exchanges, but the platform is not mandatory to be included in the CFTC system. They can continue to operate under state licenses if the business model allows it. However, under current law, exchanges that offer certain types of crypto-leveraged trading already need to meet CFTC registration requirements.
The CFTC divides the crypto market into three hierarchical structures:
- Category 1: Ordinary spot exchanges are mainly governed by state currency transmission regulations, while the CFTC retains its anti-fraud and anti-manipulation powers.
- Category 2: Exchanges that offer retail margin, leveraged or finance-based crypto transactions.
- Category 3: provides a platform for trading derivatives such as perpetual contracts.
此次新提案主要针对上述第二类别的平台。根据计划，仅希望提供加密杠杆交易的平台可以注册为一种新型衍生品交易所，称为“加密资产市场”（CAM）。现有的CFTC注册衍生品交易所也可根据拟议规则提供此类产品。
加强客户保护与合规要求
该框架引入了多项客户保护措施。CAMs可能面临市场监控、财务保障以及客户资金管理等要求。CFTC还在考虑对持有客户资产的交易所实施储备金证明规则，特别是针对使用混合账户的情况。
另一项重要组成部分涉及期货佣金商（FCMs）。这些机构将负责处理客户账户和资金，并必须遵守现有的客户保护要求。它们的参与也将引入反洗钱和客户身份识别规则。此外，CFTC正在研究这些规则如何与自我托管相结合。根据提案，若在28天内将加密资产发送至客户的钱包地址，通常可满足该机构对“实际交付”的解释。
监管展望
塞利格表示：“我所概述的框架是将加密资产市场纳入《商品交易法》（CEA）保护范围的重要一步。它将为服务于美国客户的企业建立明确的规则，加强市场的完整性，并为负责任的创新在美国落地提供路径。”
在谈及链上金融时，塞利格还指出了该机构对此领域的更广泛兴趣。他表示，仅仅发布软件且不控制交易或持有客户资产的开发者，不应自动被视为传统中介机构。
需要注意的是，该提案本身并未建立完整的联邦加密监管制度。国会仍需决定是否要求所有交易所进行联邦注册。
