The U.S. Commodity Futures Trading Commission (CFTC) has proposed a new federal framework aimed at bringing parts of the cryptocurrency market under a unified regulatory system, following the failure of Congress to advance broader crypto legislation.
The proposal focuses on crypto exchanges offering leveraged, margined or financed trading in digital assets. Under the framework, eligible exchanges could voluntarily operate under a federal regime rather than navigating different state-by-state licensing requirements.
The CFTC said the proposed rules would establish a new category of regulated “crypto asset markets” and introduce requirements covering areas such as market surveillance, prevention of abusive practices and proof-of-reserves. The agency also wants customer trades on these platforms to be handled through registered futures commission merchants.
CFTC Chairman Michael Selig said the initiative is intended to provide greater regulatory certainty while strengthening consumer protections. The agency said the proposal is part of a broader effort to create federal rules for crypto markets using its existing authority under the Commodity Exchange Act.
The CFTC is seeking public comments on the proposal, with submissions due within 60 days after publication in the Federal Register. The agency stressed that the latest action begins a rulemaking process rather than immediately creating a final regulatory regime.
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