CFTC Unveils Plan to Bring Crypto Exchanges Under Federal Oversight
The CFTC has published an advance notice seeking public input on two proposed frameworks for regulating crypto markets, with a 60-day comment period once the notice appears in the Federal Register. The plan would bring certain retail crypto trades under federal oversight when exchanges offer leverage or hold purchased assets on internal books, while treating customer control of private keys as a possible test for “actual delivery.” A proposed crypto-market license would set rules for brokers, leverage, reserves and token listings. Exchanges without leverage could remain under state money-transmitter licenses. Chairman Michael Selig said the rules aim to prevent fraud and criticized prior enforcement-led regulation. The move follows the Clarity Act’s failure and comes alongside separate SEC crypto rulemaking.
