CFTC Seeks Comment on Federal Rules for Crypto Exchanges

Published October 6, 2026, 04:52 UTC. Based on CFTC Release 9307-26, dated October 5, 2026.

The U.S. Commodity Futures Trading Commission (CFTC) on Monday, October 5, published an advance notice of proposed rulemaking on two linked frameworks, Regulation Crypto Asset Transactions (Regulation CTX) and Regulation Crypto Asset Markets (Regulation CAM), according to the agency's press release. An advance notice is an early step. It asks the public for input before any formal rule is drafted, and it does not change any rules today.

What the CFTC is asking about

The notice covers retail crypto trades that come with leverage, margin or financing. Under section 2(c)(2)(D) of the Commodity Exchange Act, such trades are treated like futures and must run on a CFTC-registered exchange, unless the buyer gets "actual delivery" of the asset within 28 days, the notice text explains.

The CFTC said it wants comments on how to prevent abusive practices in crypto markets, how to set out industry practices it views as best practice, and how to create a "crypto asset market" registration. That would be a subcategory of the designated contract market status that futures exchanges already hold, built for these crypto trades.

Comments are due 60 days after the notice appears in the Federal Register. The CFTC said it will use them "to inform potential future agency action, such as a rulemaking."

Why "actual delivery" matters

In the notice, the CFTC gives its preliminary view that actual delivery of a crypto asset may require the buyer to hold the credentials, such as private keys, for the wallet that holds it. For assets that carry staking or governance rights, it suggests delivery may also require being able to use those rights directly.

Decrypt reported that, under this reading, simply offering leverage could bring even fully paid trades under CFTC oversight if the coins stay on an exchange's internal books. On-chain trading protocols, which usually send tokens straight to users' wallets, would typically meet the delivery test, the agency said, according to Decrypt. Exchanges that do not offer leverage could keep operating under state money transmitter licenses, Decrypt added. It also said the CFTC is weighing proof-of-reserves requirements and standards against listing tokens prone to manipulation.

What the chairman said

"The American people deserve clarity, certainty, and consumer protections in the crypto asset markets," CFTC Chairman Michael S. Selig said in the release. He said the rules would be "designed to prevent, rather than only prosecute after the fact, fraudulent schemes such as FTX."

The notice also includes a section headed "Regulation by Enforcement (2021-2024)," which reviews the agency's earlier cases, including those against Kraken and Ooki DAO.

Why it matters

Congress has not passed a crypto market structure law. Decrypt reported that the Digital Asset Market Clarity Act fell short in the Senate last month, and that the CFTC sent this framework to the White House for review in September. The Securities and Exchange Commission (SEC) has been working on a parallel track, including its own proposed crypto custody rules.

For traders, nothing changes yet. The next steps are the Federal Register publication, which starts the 60-day comment clock, and any formal proposed rule that follows.

This article is news reporting and is not investment advice.

Sources

• CFTC, Release 9307-26: CFTC Seeks Public Comment on Advanced Notice of Proposed Rulemaking Relating to Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets (Oct. 5, 2026), primary source
• CFTC, ANPRM: Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets, as approved by the Commission (Oct. 5, 2026), primary source
• Decrypt, CFTC Unveils Plan to Bring Crypto Exchanges Under Federal Oversight (Oct. 5, 2026)