Analysis · Regulation & Policy
The Commodity Futures Trading Commission has published an Advanced Notice of Proposed Rulemaking for Regulation CTX and Regulation CAM, seeking to create a purpose-built federal regime for crypto…
Key point 1 of 3
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The CFTC published an Advanced Notice of Proposed Rulemaking on Oct. 5, 2026, to establish Regulation CTX and Regulation CAM for retail crypto transactions.
Key point 2 of 3
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The proposed framework would allow registered crypto exchanges to offer retail customers margined, leveraged, or financed trading under a single federal scheme.
Key point 3 of 3
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The rules follow a March 2026 joint SEC-CFTC interpretation clarifying that assets like bitcoin and ether are non-securities under CFTC authority.
Context
Following the Senate's failure to pass the Clarity Act in October 2026, the CFTC is utilizing its existing statutory authority under the Commodity Exchange Act to establish a…
Why it matters
U.S. crypto exchanges and retail trading platforms are most affected. Registered platforms will gain a uniform national framework and the ability to offer leveraged retail…
What to watch
The immediate milestone is the close of the 60-day public comment period following the ANPRM's publication in the Federal Register, which will shape the subsequent formal proposed…
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