CFTC Proposes First Federal Crypto Trading Rules

The Commodity Futures Trading Commission has opened the clock on the first federal rules built specifically for digital-asset trading, proposing a framework that could finally give SEC and CFTC crypto oversight a clear set of guardrails instead of years of enforcement actions. The agency unveiled two draft regulations on October 5, 2026, aimed at exchanges that let retail customers trade crypto assets on margin, leverage or financing.

Key takeaways

• The CFTC proposed Regulation CTX and Regulation CAM on October 5, 2026, its first rules written specifically for crypto exchanges.
• The plan lets registered platforms offer margined, leveraged or financed retail trades without forcing all crypto spot trading onto CFTC-registered venues.
• FTX’s founders misappropriated roughly $8 billion in customer money, yet funds held at its CFTC-registered unit stayed segregated and intact.
• A joint CFTC-SEC interpretation earlier in 2026 found that bitcoin and ether are non-securities falling under CFTC jurisdiction.
• Written public comments are due within 60 days of the notice’s publication in the Federal Register.

CFTC Proposes First Federal Rules for Crypto Exchanges

Regulation CTX and Regulation CAM would set up requirements for CFTC-registered exchanges that offer crypto assets like bitcoin and ether for trading, according to CFTC Chairman Michael S. Selig. Unlike the Clarity Act, the version Congress failed to pass this month, these rules would not require crypto assets to trade exclusively on CFTC-registered platforms. Selig said the agency lacks authority to impose that kind of mandate without congressional action.