CFTC Chair Michael Selig announced plans to implement a new regulatory framework for crypto companies using existing statutory authorities. This move follows the US Senate's failure to pass the Digital Asset Market Clarity Act, which aimed to clarify the agency's oversight role.
The proposed rules, dubbed CTX, target firms offering retail customers leveraged, margined, or financed crypto trading. Additionally, the agency intends to create a new category of designated contract market known as a crypto asset market, or CAM, allowing exchanges to register under federal oversight.
These regulations will not apply to standard spot crypto exchanges, which remain subject to state money transmission laws. However, the CFTC retains its authority to enforce anti-fraud and anti-manipulation policies across all crypto trading platforms.
The SEC previously introduced its own tailored securities offering regime in August. With the departure of Commissioner Hester Peirce, the SEC is currently led by two commissioners, while Michael Selig serves as the sole commissioner and chair of the CFTC.
The White House has indicated that President Donald Trump intends to nominate new commissioners for both agencies in the near future. Currently, there are seven vacant commissioner seats across the SEC and the CFTC.
