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SOL The U.S. Commodity Futures Trading Commission issues a proposed rule-making advance notice on leveraged trading in crypto assets
On Monday, October 5, the U.S. Commodity Futures Trading Commission (CFTC) issued a "Proposed Rule-making Advance Notice"(ANPRM), which aims to solicit public opinion and plans to include leveraged, margin and financing cryptocurrency trading into a new federal registration framework.
Establish a new registration class for "crypto asset markets"
The proposal would create a new registration class for platforms that provide leverage, margin or financing transactions to retail customers, called the "crypto asset markets." Exchanges that wish to list crypto perpetual contracts or forecast markets can choose to register as a designated contract market (DCM), the CFTC's standard classification of derivatives trading venues. Platforms that handle basic spot crypto transactions do not need to be registered and are instead subject to state supervision.
Currently, a large amount of leveraged business has developed in the offshore market. For example, exchanges such as OKX and Bybit allow overseas customers to trade perpetual futures on tokens such as Bitcoin or Solana with leverage of up to 100 times, while U.S. customers already have access to products similar to perpetual contracts through domestic regulated platforms such as Coinbase and Kraken. Prior to this, there was a lack of clear federal regulatory framework for using borrowed funds to purchase cryptocurrencies.
CFTC Chairman Michael S. Selig Speaking at Fordham Law School, Dr. Selig pointed out that the measure is a "federal option for crypto-asset exchanges" rather than a universal mandatory requirement. "Only Congress has the power to mandate all crypto asset exchanges to register with this committee," he said.
Coverage of rulemaking
This advance notice relates to Section 2(c)(2)(D) of the Commodity Exchange Act and Retail Commodity Transactions (CTX) involving crypto assets as stipulated therein. The committee is soliciting public input on how to prevent abuse in the crypto market under a unified national system, provide specific guidance on crypto assets for recognized industry practices, and codify the "crypto asset market" as a registered subcategory for a designated contract market.
"Today's action is a critical step in the CFTC's continued efforts to ensure that the United States remains the world's crypto capital," Selig said. "The American people have the right to clarity, certainty, and consumer protection in the crypto asset market." He added that the commission would take all steps to "prevent rather than just prosecute fraud schemes like FTX after the fact."
Why is the CFTC advancing this measure at this time?
The proposal came after Congress failed to advance the Digital Asset Market Clarity Act, which was originally intended to divide regulatory authority for crypto assets between the CFTC and the Securities and Exchange Commission (SEC). The Senate rejected the bill in a procedural vote of 50 - 49 last month, and both agencies began using their existing powers to fill regulatory gaps. At the same time, the SEC recently approved the first batch of 3x leveraged Bitcoin and Ethereum ETPs and continues enforcement efforts, including a $31 million verdict in the FundsZ fraud case.
By regulations, comments on ANPRM must be received within 60 days of publication in the Federal Register.
