U.S. CFTC joins SEC in proposing crypto regulations, though spot-market gap lingers
The CFTC proposed two crypto rulemaking frameworks covering leveraged, margined or financed transactions and the platforms hosting them. A new crypto asset market category would offer exchanges a route to uniform federal oversight, with standards including anti-manipulation rules and proof-of-reserves requirements. Covered activity would involve futures commission merchants and anti-money-laundering safeguards. The proposals do not give the agency broad authority over ordinary spot trading, leaving much of that market under state rules; the CFTC can still police fraud and manipulation. The rules open a 60-day public comment period. The move follows stalled U.S. market-structure legislation and complements ongoing SEC crypto policy work. CFTC Chairman Mike Selig also said the agency is considering protections for software developers who do not handle customer funds or transactions.
