CFTC proposes Regulation CTX and CAM to create federal crypto asset markets
The two proposals would set up a new category of CFTC-registered crypto asset markets and open a 60-day public comment period.
REGULATION
Lukas Brenner
10/5/20261 min read
The US Commodity Futures Trading Commission on October 5 proposed two rules, Regulation Crypto Asset Transactions (CTX) and Regulation Crypto Asset Markets (CAM). Together they would create a new category of trading platforms called crypto asset markets. The proposals follow the failure of the Digital Asset Market Clarity Act to advance in the Senate in September.
The rules would require futures commission merchants to act as intermediaries, bringing Bank Secrecy Act safeguards into these trades. Exchanges could not list products vulnerable to manipulation and would face proof-of-reserves requirements if they hold customer assets in omnibus accounts. An “actual delivery” exemption would cover transactions in which assets change hands in less than 28 days.
The CFTC has no authority over spot markets, so direct trading in assets such as bitcoin and ether stays outside the framework, although the agency can still police fraud and manipulation there. Chairman Mike Selig, the commission's sole member for nearly a year, said a person should not have to register as an introducing broker “simply because that person shipped code.” Comments are open for 60 days.
Source: CoinDesk.