美国商品期货交易委员会就CTX和CAM框架下的加密货币交易规则征求公众意见

The U.S. Commodity Futures Trading Commission launches public consultation on two crypto regulatory frameworks

The U.S. Commodity Futures Trading Commission (CFTC) has launched a public consultation process on two crypto regulatory frameworks,"Regulation CTX" and "Regulation CAM," and the public is required to submit written comments within 60 days of publication in the Federal Register.

Summary of Core Points

• The CFTC is seeking feedback on rules for leveraged, margin or financing retail crypto transactions.
• "Regulation CAM" will create a special encryption category in the agency-designated contract market registration system.
• CFTC Chairman Michael Selig said that implementing mandatory registration of all crypto exchanges requires congressional action.
• The consultation followed the September 17 White House filing and the Senate's failure to pass the CLARITY Act.

The CFTC announced on October 5 that its advance notice of proposed rule development is intended to solicit public opinion on the federal framework under section 2(c)(2)(D) of the Commodity Exchange Act. According to the agency, the notice involved retail commodity transactions involving cryptocurrency assets, so-called "crypto asset transactions"(CTXs). In the announcement, the committee noted that these opinions will inform potential future actions, including rulemaking, rather than immediately implementing the full framework. The agency asked the public to submit written comments within 60 days of the Federal Register publishing the notice and posted comments received on the Regulations. gov. website.

CFTC encryption rules provide federal registration options

In an article published on October 5, CFTC Chairman Michael Selig stated that the Regulation Crypto Asset Transactions and the Regulation Crypto Asset Markets will set requirements for registered exchanges that offer crypto transactions. He described the framework as an option for companies seeking a single federal market regulator.

According to Selig, participating exchanges can provide retail customers with margin, leverage or financing crypto trading services, which he distinguishes as ordinary spot trading on platforms in licensed states. Regarding mandatory registration, Selig wrote: "We have no power to impose such requirements without Congressional action."

The chairman said that institutional rules could address some gaps in the structure of the crypto market, but cannot indefinitely replace the framework set by Congress. In his view, state money transmission laws vary and were originally designed for payment services, while federal transaction rules focus on manipulation, conflicts of interest, orderly markets and the security of customer funds.

Selig cited FTX as an example, pointing out that its founder embezzled approximately $8 billion in client funds. He compared bankrupt offshore companies and state-regulated entities with his CFTC-registered subsidiary and said customer property remained isolated and safe in the subsidiary.

Regulation CAM tailor-made exchange requirements

In a speech at the Fordham University blockchain regulatory seminar on October 5, Selig explained how different trading platforms register. For exchanges that have registered as designated contract markets, the chairman said that customized rules allow CTX trading. Companies that only wish to provide CTXs can apply for registration in the general designated contract market, or apply for the proposed crypto asset market class, known as CAM.

According to Selig, the CAM Exchange will adopt regulations that adapt to crypto transactions and follow the core principles of a legally designated contract market. Exchanges that offer futures, options or swaps will remain bound by the existing designated contract market framework.

For American customers, Selig said that this model will clarify platform protection measures. He described ordinary spot exchanges as generally governed by state currency transmission laws and the CFTC's anti-fraud and anti-manipulation powers. When discussing listing safeguards, Selig identified factors related to manipulation risks, including token distribution, centralized holding, lock-up period, vesting schedule, planned issuance and repurchase. He also said the proposed rules include a reserve certification obligation for exchanges that hold funds in customer pooled accounts.

Public feedback will shape transaction safeguards

Through this consultation, the CFTC is asking how national systems can prevent abuse in the crypto market. The committee also sought opinions on encrypted specific information that would help participants comply with CTX-related requirements.

Based on its supervisory experience since 2014, the agency said it wanted to learn about generally accepted practices within the industry and useful for its regulatory compliance. Another part of the notice asks how to establish CAM registration subcategories through rule making.

The initiative entered the administrative review stage last month. Previous reports showed that the CFTC submitted its framework to the White House Office of Information and Regulatory Affairs (OIRA) on September 17. According to reports, the document is titled "Cryptographic Asset Trading Regulations and Cryptographic Asset Markets Regulations." As part of the Office of Budget Management, OIRA reviews major regulatory actions before they are released.

Earlier reports pointed out that even if lawmakers fail to pass market structure legislation, the agency's planned encryption rules can still be advanced under existing powers. The report distinguishes between the CFTC's derivatives supervision powers and spot market enforcement powers, and the comprehensive spot exchange supervision envisaged by the CLARITY Act.

CLARITY bill blocked in Senate procedural vote

In a report on September 16 that the Senate failed to pass the vote, the media pointed out that senators voted 49 to 50 to reject entry into H.R. Motion to close debate in the review process of Bill 3633. The motion required 60 votes to pass; senators did not vote for final adoption.

According to reports, the bill would divide digital asset liability between the SEC and the CFTC and establish a registration path for exchanges, brokers and dealers. Former CFTC Chairman J. Christopher Giancarlo told reporter Eleanor Terrett on September 16 that both regulators could continue to develop the framework under their current powers.

After the vote, House Financial Services Committee Chairman French Hill and House Agriculture Committee Chairman Glenn Thompson supported institutional action under existing law, while saying only Congress can provide lasting legal certainty. The same report noted that Senator Thom Tillis changed his vote to preserve the ability to seek reconsideration, thereby keeping legislation passed by the House on the Senate calendar.