US CFTC proposes first crypto rules under CTX and CAM frameworks

Selig announced the proposals at the Fordham Law Blockchain Regulatory Symposium, noting that the agency would move forward on crypto regulation at the direction of President Donald Trump “with or without legislation” from Congress. The proposed rules aim to establish requirements for CFTC-registered exchanges offering crypto trading and solicit public feedback on how to prevent abusive practices and codify a registration option for crypto asset exchanges.

These rules would offer a "purpose-fit option" for crypto-asset exchanges seeking to operate under a unified federal market-regulatory scheme, potentially allowing for margin and leverage trading for retail customers, unlike state-licensed exchanges. Selig distinguished these proposals from the CLARITY Act, noting they would not mandate crypto trading on CFTC platforms without further congressional action and cannot substitute for a statutory framework. The Securities and Exchange Commission also announced its own proposed "tailored securities offering regime" for crypto assets in August.

ProChain Capital’s David Tawil commented that "The opponents to CLARITY may have not bargained for the seeming readiness of the executive branch to act in the absence of any constraint from the legislative branch."