# CFTC Crypto Rules Could Slip to Early 2028, TD Cowen Warns

By Riza Dagoc

Canonical URL: https://www.tokenpost.com/news/regulation/30631
Published: 2026-10-12T23:18:10.000Z
Updated: 2026-10-12T23:18:10.000Z
Section: Regulation

> Jaret Seiberg said the rulemaking may face legal challenges and could fail to take effect as the 2028 election cycle approaches.

The Commodity Futures Trading Commission’s proposed crypto-market framework may not be completed until early 2028, extending regulatory uncertainty for U.S. crypto platforms and derivatives venues.

Jaret Seiberg, managing director of TD Cowen’s Washington research group, said the CFTC could publish a formal proposal as soon as late in the first quarter of 2027 or early in the second quarter. Final rules could then take until early 2028.

The framework would require platforms to maintain proof-of-reserves audits and would give the CFTC authority over state-licensed platforms. It would not establish direct CFTC oversight of spot-market trading.

Seiberg also warned that accelerating the process could increase the risk of a court challenge based on procedural grounds. Legal disputes could continue beyond 2028, raising the possibility that the framework would not ultimately take effect.

The CFTC issued an advance notice of proposed rulemaking on crypto platforms last week, beginning the process toward a broader market framework.