CFTC Opens Crypto Rulemaking Under Existing Commodity Law

The Commodity Futures Trading Commission has opened a rulemaking process for crypto transactions under existing commodity law, targeting retail products offered with leverage, margin or financing.

The advance notice proposes two frameworks: Regulation Crypto Asset Transactions, or CTX, and Regulation Crypto Asset Markets, or CAM. CTX would define which leveraged, margined or financed retail crypto transactions fall under the agency’s authority under Section 2(c)(2)(D) of the Commodity Exchange Act.

CAM would create a specialized registration category for designated contract markets that offer those transactions. The proposal also addresses market surveillance, asset listings, network governance and customer protections.

The notice would clarify when a customer has taken “actual delivery” of a crypto asset. That standard may require meaningful possession or control, potentially including access to the asset’s private keys. Leverage arrangements could be administered by a futures commission merchant or a qualified banking institution sponsored by one.

CFTC Chairman Michael S. Selig said, “The American people deserve clarity, certainty, and consumer protections in the crypto asset markets.” The proposal is not a final rule and does not create immediate compliance requirements. Public comments are due Dec. 14, 2026.