The CFTC’s Proposed Rules to Reshape US Crypto Markets | CFTC Chair Mike Selig

The United States is establishing a unified federal regulatory framework for crypto assets to replace the current, inefficient patchwork of state-level money transmitter licenses. CFTC Chairman Mike Selig outlines a "trilogy" of rulemakings, including the SEC’s Reg Crypto and the CFTC’s proposed Regulation CTX and Regulation CAM, designed to harmonize oversight and provide clear market-based protections. These rules aim to enable onshore centralized exchanges to offer retail margin and leverage, features currently restricted to offshore platforms. By segregating brokerage, exchange, and clearing functions—modeled after traditional financial systems—the CFTC seeks to prevent conflicts of interest and systemic failures like those seen in the FTX collapse. This federal option creates a standardized, competitive environment intended to secure the United States' position as the global crypto capital while ensuring robust investor protections and market integrity.