Analysis · Regulation & Policy
The agencies introduced bespoke rules for exchange oversight and institutional custody, signaling a shift from regulation-by-enforcement to proactive rulemaking.
Key point 1 of 3
01
The CFTC proposed Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets to create a federal market structure for retail commodity transactions.
Key point 2 of 3
02
The SEC proposed new rules allowing registered investment advisers and regulated funds to custody digital assets, including provisions for self-custody.
Key point 3 of 3
03
CFTC-registered exchanges operating under the new framework would be permitted to offer margined and leveraged trading to retail customers.
Context
The CFTC and SEC proposals follow years of regulatory uncertainty and high-profile industry failures, such as the collapse of FTX, which prompted calls for a cohesive federal…
Why it matters
U.S.-based digital asset exchanges, registered investment advisers, and regulated funds stand to gain clear compliance pathways, enabling them to offer advanced trading and…
What to watch
The public comment periods for both the SEC and CFTC proposals will conclude 60 days after their respective publications in the Federal Register.
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