CFTC Proposes New Rules for Leveraged Crypto Trading

The Commodity Futures Trading Commission (CFTC) has taken a significant step towards regulating crypto leveraged trading by proposing two new rules: Regulation Crypto Asset Transactions (Regulation CTX) and Regulation Crypto Asset Markets (Regulation CAM). Announced on October 6, 2026, the proposals aim to cover margined and leveraged retail crypto trades, while leaving plain spot markets under state rules. The public has 60 days to comment once the notice is published in the Federal Register.

CFTC Chairman Michael Selig emphasized that these proposals are part of the agency's efforts to maintain America's leadership in the crypto space. The rules would apply to exchanges offering margined or leveraged trading, perpetual futures, and other derivatives. Designated contract markets (DCMs) could operate under tailored rules, while new entrants could register as full DCMs or as a narrower subcategory called a crypto asset market (CAM).

Key requirements under consideration include a proof-of-reserves obligation for exchanges pooling customer assets, mandatory intermediation by futures commission merchants, and listing reviews that consider token concentration and vesting schedules. Selig also noted that the CFTC is exploring policies for developers who publish software without holding customer assets, ensuring they are not required to register as introducing brokers.

The proposals come after the Clarity Act stalled in a Senate procedural vote on September 15, 2026. Unlike the bill, the CFTC's rules would not force crypto trading onto CFTC-registered platforms, as the agency lacks the authority to impose such a requirement without congressional action.