Key Points
Key Points
- The CFTC proposed Regulations CTX and CAM on October 5, 2026, its first crypto-specific rules
- The plan offers voluntary federal registration for leveraged crypto exchanges
- It follows the Senate's failure to pass the Clarity Act; public comments are due in 60 days
On This Page
The US Commodity Futures Trading Commission has proposed its first rules built specifically for crypto trading. The agency unveiled two draft regulations, called Regulation CTX and Regulation CAM, on October 5, 2026.
What the Rules Cover
Regulation CTX targets leveraged and margined retail crypto transactions. Regulation CAM creates a new category for crypto asset markets. Together, they offer exchanges a voluntary route to federal registration.
Registered venues would need to prove their reserves and maintain anti-manipulation controls. The proposal sets no fixed leverage caps. Instead, CFTC staff would review each leveraged product before it reaches customers. Plain spot trading stays under state licenses.
Why the CFTC Acted Alone
The move follows the US Senate’s failure to advance the Clarity Act, which would have set ground rules for most US crypto activity. CFTC Chairman Michael S. Selig had said in August that the agency would write its own crypto rules if Congress came up short.
Selig called the proposal a critical step to keep America the crypto capital of the world, with clarity and consumer protection for crypto markets.
The SEC Is Writing Rules Too
The CFTC is not the only agency moving. SEC Chair Paul Atkins launched Project Crypto, an effort to modernize securities rules for on-chain markets. In August 2026, the SEC proposed a “Regulation Crypto Assets” framework with tailored exemptions for startups.
On October 1, 2026, the SEC also proposed its first digital asset custody framework. It would permit self-custody under certain conditions and let state-chartered trust companies serve as qualified custodians. These are still proposals, but they show a clear shift from lawsuits to rulebooks.
What Happens Next
The proposal is only a request for public comment, not a final rule. Written comments are due within 60 days of publication in the Federal Register. Legal experts warn the rules could face court challenges, since agencies now get less deference from judges.
Still, the direction is clear: after years of enforcement actions, US regulators are now writing actual rulebooks for crypto.
The Bottom Line
The CFTC’s proposal is the first serious attempt at federal crypto exchange rules in the US. Voluntary registration with proof of reserves could raise trust across the industry.
Whether it survives legal challenges is an open question. But for the first time, crypto traders can see what a federal rulebook might actually look like.
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