U.S. CFTC Opens 60-Day Comment Period on Proposed CTX and CAM Crypto Trading Rules

The U.S. Commodity Futures Trading Commission (CFTC) has launched a public consultation on two proposed crypto regulatory frameworks—Regulation Crypto Asset Transactions (CTX) and Regulation Crypto Asset Markets (CAM)—with written comments due within 60 days after the notice appears in the Federal Register. According to the agency, the proposal targets retail commodity transactions involving crypto assets, including trading that uses leverage, margin, or other financing features. The CFTC said it plans to post all submissions on Regulations.gov and emphasized that feedback will inform potential next steps, including possible formal rulemaking, rather than immediately putting a full framework into effect. In an Oct. 5 commentary, CFTC Chair Michael Selig said Regulation CTX and Regulation CAM would set requirements for registered exchanges offering crypto trading, positioning the approach as an optional pathway for firms seeking oversight by a single federal market regulator. He drew a distinction between margin or leveraged retail crypto trading under the proposed federal framework and standard spot trading conducted on state-licensed platforms. Selig also argued that Congress must act to require all crypto exchanges to register. He wrote that, absent congressional action, the CFTC lacks authority to impose mandatory registration across the market. While agency rules can narrow some structural gaps, he said they cannot permanently replace a congressional framework. Under the proposal, CAM would create a dedicated registration category for crypto assets within the CFTC's designated contract market framework. Selig said platforms that want to offer CTX could seek standard designated contract market registration or apply under the proposed CAM category, where core statutory principles would still apply but rules would be adapted to crypto-market characteristics. Exchanges offering futures, options, or swaps would remain under the existing designated contract market regime. Speaking at Fordham University School of Law's Blockchain Regulation Symposium on Oct. 5, Selig said the model is intended to clarify protections for U.S. customers. He noted that many spot exchanges generally operate under state money transmission laws, alongside the CFTC's enforcement authority for fraud and manipulation. On market safeguards, Selig cited token distribution and concentration, lockups, vesting schedules, programmed issuance, and buybacks as factors that can elevate manipulation risk. He also said the proposed rules include a proof-of-reserves requirement for exchanges that hold customer assets in commingled accounts. The CFTC is asking market participants what crypto-specific disclosures and information would help firms comply with CFTC requirements, and what industry practices—based on the agency's regulatory experience since 2014—are widely accepted and could support compliance. The notice also seeks input on how the CAM registration subclass should be created through rulemaking. The initiative moved into administrative review last month. As previously reported, the CFTC submitted its framework to the White House Office of Information and Regulatory Affairs (OIRA) on Sept. 17 under the title "Regulation of Crypto Asset Transactions and Regulation of Crypto Asset Markets." OIRA, which sits within the Office of Management and Budget, reviews significant regulatory actions before publication. The consultation follows failed Senate action on the CLARITY Act. In a Sept. 16 procedural vote, the Senate rejected a motion to invoke cloture to proceed with H.R. 3633 by 49-50; the motion required 60 votes, and the chamber did not vote on final passage. The bill aimed to split oversight of digital assets between the Securities and Exchange Commission (SEC) and the CFTC and to establish registration pathways for exchanges, brokers, and dealers. Former CFTC Chair J. Christopher Giancarlo said on Sept. 16 that both agencies can continue advancing their respective frameworks under existing authority. House Financial Services Chair French Hill and House Agriculture Chair Glenn Thompson have also supported regulators acting under current law while arguing that lasting statutory clarity must come from Congress. Senator Thom Tillis changed his vote to preserve the option of reconsideration, keeping the House-passed legislation on the Senate's agenda.