The US Commodity Futures Trading Commission (CFTC) is asking the public how federal commodities laws should apply to leveraged crypto trades and digital asset trading platforms.
A proposal published in the Federal Register on October 13 sets out two frameworks: Regulation Crypto Asset Transactions (CTX) and Regulation Crypto Asset Markets (CAM). The deadline for public comments is December 14, 2026.
Under CTX, the agency is examining crypto purchases made with borrowed money, margin or leverage. One question is how regulators should determine whether customers control their assets, including whether they hold the private keys or rely on an exchange.
CAM deals with the platforms where digital assets are traded. Its scope includes registration, token listings, market surveillance, smart contract security and protections for trading operations.
The proposal also raises questions about how firms handle customer money. Potential safeguards include keeping client assets separate from company funds, maintaining adequate capital and protecting customers if a business becomes insolvent.
Companies that finance retail crypto purchases could also be required to register as Futures Commission Merchants or work with qualifying banking institutions.
Neither framework is binding at this stage. The CFTC will consider public responses before deciding whether to advance the proposals into formal rulemaking.
The consultation comes after a separate CFTC move to clear a path for eligible US derivatives market participants to access perpetual-style futures contracts.
