CFTC Proposes New Rules for Crypto Markets

The US Commodity Futures Trading Commission (CFTC) has introduced two new rule proposals aimed at shaping the crypto asset markets. Announced on October 5, the proposals, Regulation CTX and Regulation CAM, underwent a confidential White House review before being made public. A 60-day comment period has now opened for stakeholders to provide feedback.

Regulation CTX focuses on the derivatives and financing layer of the crypto industry. It clarifies that crypto sent to non-custodial wallets will be considered 'actual delivery' if the transaction is completed within 28 days. This distinction helps separate normal crypto buying and self-custody from heavy exchange regulations.

Regulation CAM addresses market structure and platform registration. It introduces an optional federal license for crypto exchanges under the Designated Contracts Management (DCM) system. This license requires proof-of-reserves audits, anti-money laundering safeguards, and mandatory intermediation by the commission’s merchants. Exchanges with this license can bypass state-level rules and offer retail leveraged trading.

While these proposals could improve security, clarity, and adoption in the crypto industry, legal experts caution that they are subject to change with future administrations. The CFTC will maintain oversight over the entire system, ensuring compliance with federal guidelines.