727 FinancePANews reported on October 5 that Michael S. Selig, chairman of the U.S. Commodity Futures Trading Commission (CFTC), said in a commentary in the Wall Street Journal that after Congress failed to pass the Clarity Act, the CFTC is proposing the first round of crypto market rules, including "Crypto-Asset Trading Regulation" (Regulation CTX) and "Crypto-Asset Market Regulation" (Regulation CAM). These rules will provide exchanges registered with the CFTC with a federal regulatory approach for crypto-assets. Selig said that unlike the Clarity Act, these rules will not force crypto assets to be traded on CFTC-registered platforms because the CFTC does not have the authority to impose this requirement without congressional legislation. But crypto exchanges that want to operate under the same federal market regulatory framework can choose this option. Unlike state licensed exchanges
PANews October 5 news: In a Wall Street Journal opinion piece, Commodity Futures Trading Commission (CFTC) Chairman Michael S. Selig said that after Congress failed to pass the Clarity Act, the CFTC is proposing its first round of crypto market rules, including the Regulation of Crypto Asset Trading (Regulation CTX) and the Regulation of Crypto Asset Markets (Regulation CAM). These rules will provide a federal regulatory framework tailored to crypto assets for exchanges registered with the CFTC.
Selig said that, unlike the Clarity Act, these rules will not mandate that crypto assets must be traded on CFTC-registered platforms, because the CFTC does not have the authority to impose such a requirement without congressional legislation. However, crypto exchanges that wish to operate under the same federal market regulatory framework may choose this option. Unlike state-licensed exchanges, such exchanges will be permitted to allow retail customers to trade on margin, with leverage, or with financing. This CFTC action is only the beginning, aimed at providing clear rules for innovators and market participants.