Exchange Ranking
Top Exchanges
24h Volume Ranking
Popularity Ranking
Exchange BTC Balance
Proof of Reserves
Decentralized Exchanges
Funding Rate
Funding Heatmap
Liquidation Data
Max Pain
Long/Short Ratio
Whale L/S Ratio
Binance/Okex/Huobi L/S
Bitfinex Margin L/S
ETF Tracker
Solana ETF
XRP ETF
Hong Kong ETF
Bitcoin Treasuries
Crypto Reversal
Ethereum Reserves
HyperLiquid Wallet Analysis
Hyperliquid Whale Watch
Large Transactions
On-chain Movement
Bitcoin ROI
Stablecoin Market Cap
Options Analysis
News
Articles
Economic Calendar
Features
Wallet
Contract Calculator
Security
Collections
Watchlist
Following
BTC 
ETH 美国商品期货交易委员会拟出台加密行业明确规则
今日，美国商品期货交易委员会（CFTC）发布新闻稿，明确表示将推进为加密行业制定清晰规则的进程。该机构提出了首批市场规则提案，此举发生在9月参议院未能通过《CLARITY法案》的几周之后。随新闻稿一同发布的，还有主席迈克尔·塞利格（Michael Selig）在其X账号上发布的视频，旨在公布监管美国加密市场的规则草案。塞利格在配套声明中指出，国会曾考虑立法以厘清联邦法律下对加密货币的处理方式，但从未将相关法案提交至总统签署。他主张，CFTC已具备建立联邦加密市场结构的法定权限，并计划加以利用。
CTX与CAM：将加密交易所纳入统一联邦监管框架
上述提案以“拟议规则制定预先通知”的形式发布，这是监管机构勾勒计划并征求公众反馈的早期阶段。该通知涵盖两项规则：
第一项为《加密资产交易规则》（Regulation Crypto Asset Transactions, CTX），定义了CFTC认为应由其监督的加密交易类型。这些主要是零售客户借钱或使用保证金购买加密货币的交易。2010年的一项法律已要求此类杠杆交易必须通过受联邦监管的交易所进行，但当时并未针对加密货币明确具体操作规则。
第二项为《加密资产市场规则》（Regulation Crypto Asset Markets, CAM），旨在创建一种专为提供此类交易的交易所设计的新型CFTC牌照。目前，大多数美国加密交易所依据的是为支付公司设计的州级牌照，这与汇款服务所使用的牌照类型相同。部分州还增设了专门的加密牌照，例如纽约州的BitLicense。CFTC认为，这些规则旨在规范资金流动而非市场运营，因此在防止价格操纵或利益冲突方面作用有限。塞利格以FTX为例指出，尽管FTX的大部分离岸公司和持有州级牌照的公司破产，但其由CFTC注册的分支机构所保管的客户资金仍受到保护。
零售保证金交易迎来联邦规则手册
面向零售客户的杠杆加密交易在美国受监管交易所中并非新鲜事。CFTC已于2025年12月宣布首批上市产品。然而，一直缺失的是一套清晰的合规规则手册。通知承认，关于如何合规的困惑阻碍了将这些交易转移至受联邦监管平台的努力。
Ordinary spot transactions (where customers purchase cryptocurrencies directly without involving borrowing) are not covered. Exchanges that only provide such services need not join the system. On March 17, the SEC and CFTC gave answers on which tokens are considered commodities. Their joint classification lists Bitcoin and Ethereum, as well as Solana, XRP, Stellar and Tezos, among others, as digital commodities rather than securities. Subsequently, the SEC submitted a proposal on August 18 clarifying the conditions for free trading of tokens that do not fall within the jurisdiction of securities laws.
Institutional rules have limited role
Selig said that this announcement marks the beginning of the agency's new rulemaking process. This path has limitations. Law firm Orrick pointed out that institutional rulemaking cannot achieve the broad state law priority effect that the CLARITY Act is intended to provide. AMINA Bank also pointed out that future committees could also revoke rules that exist only at the institutional level.
Once a notice is published in the Federal Register, the comment window will be open for 60 days. If the CFTC moves forward after that, formal proposed rules and final rules will still need to be issued, so exchanges will not immediately face binding requirements. At the same time, the House is not expected to reconvene until after the November midterm elections.
