U.S. Commodity Futures Trading Commission (CFTC) Crypto Rules: Agencies Advance Retail Leverage Regu

The U.S. Commodity Futures Trading Commission launches regulatory rulemaking for leveraged trading in retail cryptocurrencies

The U.S. Commodity Futures Trading Commission (CFTC) has officially launched a rulemaking process aimed at establishing the first federal regulatory framework for crypto asset exchanges that provide leverage, margin or financing services to retail customers. The agency issued an "Advance Notice of Proposed Rulemaking" covering two initiatives: "Regulation of Cryptographic Asset Trading"(CTX) and "Regulation of Cryptographic Asset Markets"(CAM), and will be publicly solicited for comments for 60 days. The move comes weeks after the Senate failed to advance the CLARITY Act on September 15 and relies entirely on the powers the CFTC already has under the Commodity Exchange Act.

Spot exchanges remain under state jurisdiction because the CFTC has no authority to force their registration as the earliest formal stage of federal regulation, and "advance notice" means that no exchanges currently face new compliance obligations. The CTX regulation will regulate trading in cryptoassets based on leverage, margin or financing available to retail customers; while the CAM regulation will create a dedicated cryptoasset sub-category under the existing designated contract market (DCM, the type of license held by futures exchanges), allowing eligible platforms to face only a federal regulatory agency rather than a cumbersome state currency transmission license system.

CFTC Chairman Michael Selig divided the market into three tiers, but the plan only covers two of them:

• Tier 1: Spot trading
  Buying and selling behavior that does not involve leverage. Regulation is mainly carried out through each state's money transmission system. Outside the scope of CTX/CAM
• Level 2: Retail Leverage and Margin
  Crypto transactions involving leverage, margin or financing are governed by Section 2(c)(2)(D) of the Commodity Exchange Act. Main Objectives
• Level 3: Futures and Perpetual Contracts
  Derivatives listed in designated contract markets that may also provide CTX services. Already within the jurisdiction of the CFTC

Selig is blunt about the position at the first level: "Only Congress has the power to force all crypto asset exchanges to register with this committee." This means that the CFTC cannot unilaterally expand its jurisdiction over the pure spot market.

Altcoins must pass an ownership review before providing leverage

The CAM category will inherit many of the principles that apply to regulated derivatives exchanges and make adjustments for crypto assets. Before listing an asset that allows leveraged trading, an exchange must assess whether the asset is vulnerable to manipulation. Selig listed factors to consider: token allocation, ownership concentration, lock-up period, ownership schedule, programmatic issuance and repurchase plans. For small tokens, this threshold is higher than a mere liquidity requirement.

The framework also envisages a formal "proof of reserves" requirement that applies when exchanges hold customer assets in a consolidated account (i.e., a mixed account that does not distinguish between different customer assets). Customer-facing activities will be conducted through registered futures commission brokers (FCMs), which are already bound by the CFTC rules on minimum capital, customer asset isolation and supervision, and have anti-money laundering obligations under the Bank Secrecy Act.

Tokens purchased with borrowed currency will be subject to supervision if they are not delivered to the user's wallet within 28 days.

According to Section 2(c)(2)(D) of the Commodity Exchange Act, leveraged trading of commodities for retail will be regulated by the CFTC unless the goods are actually delivered within 28 days. The 2020 guidelines, which had previously been withdrawn, had stipulated that customers must obtain ownership and control of the entire asset and be able to use it without leaving the platform. The new advance notice proposes a simpler test: If assets are delivered to a customer's own external unmanaged wallet within 28 days, they can generally be deemed eligible for exemption.

Most centralized platforms may not meet this test criterion. Coins purchased with borrowed funds are usually kept in escrow accounts on exchanges as collateral, so no assets reach wallets controlled by customers, and such transactions fall within the scope of the CFTC's regulation. A joint interpretation by the SEC and CFTC earlier this year provided further legal support, listing BTC, ETH, SOL, XRP, ADA, DOGE and LINK as digital commodities.

Four Republican votes left regulators relying on decades-old laws

尽管《CLARITY法案》获得了多数支持，但因缺少前进所需的60票（据报道以50-49票落败，四名共和党人与民主党人一起投了反对票）而未能推进。该法案原本会要求集中式加密交易所和经纪商向CFTC注册，这是该机构无法自行创设的权力。

在当前法律下，CFTC可以做到的事项：

• ✓ 监管零售杠杆和保证金加密交易
• ✓ 创建CAM交易所类别
• ✓ 要求提供储备金证明和隔离资金
• ✓ 打击现货市场的欺诈和操纵行为

仍需国会介入的事项：

• ✕ 强制现货交易所注册
• ✕ 对现货市场的完全管辖权
• ✕ 确保未来主席无法随意修改的规则
• ✕ 免受法院对机构权限挑战的保护

FTX的案例为塞利格主张“预防优于执法”提供了数据支撑。联邦法院命令FTX和Alameda支付CFTC和解协议下的货币救济，同时保留了该集团受CFTC监管的衍生品单位LedgerX中的客户资产。

美国零售杠杆交易可能回流本土，但可用代币范围缩小

对于交易所而言，CAM类别可能是重返美国零售杠杆业务的一条路径，而该业务大部分已移至海外。代价是合规模式更接近期货市场，而非典型的加密平台。零售交易者将获得受保护的境内保证金访问权限，尽管那些所有权集中或解锁计划密集的代币可能无法通过操纵审查。

SEC也在沿类似方向推进。它引入了为期五年的有条件创新豁免，用于交易代币化股票的场所，并为投资顾问和受监管基金提出了加密托管框架。结合CFTC关于代币化抵押品和全天候交易的2026年指导方针，两个机构正在拼凑出一个联邦框架。

新任CFTC主席或单一诉讼可能推翻现有规则

区块链协会欢迎这一预先通知，但其首席执行官Summer Mersinger也强调需要建立一个“持久的监管框架”。持久性是当前的弱点。未来的领导层可以重写机构规则，公司也可以在法庭上挑战CFTC对其权限的解释，对此塞利格本人也承认，机构行动不能无限期地替代国会通过的法案。

Selig called the advance notice "just the beginning." Once the 60-day solicitation period ends, the CFTC will still have to issue proposed rules and conduct a second round of solicitation, a process that will last until after the November midterm elections. Crypto political groups have spent more than $300 million in recent cycles to support candidates, and Reuters reports that major industry groups have also reserved significant amounts of money for 2026, so the next Congress may return to market structure legislation before CTX and CAM are completed.