CFTC Opens Comment on First Federal Rules for Crypto Asset Markets

The Commodity Futures Trading Commission (CFTC) has opened public comment on its first comprehensive rulemaking for crypto asset transactions and markets, an advance notice of proposed rulemaking on section 2(c)(2)(D) of the Commodity Exchange Act (CEA). The notice was published in the Federal Register of Tuesday, October 13, 2026, at 91 FR 64811 (FR Doc. 2026-20888), and sets a comment deadline of December 14, 2026.

The notice, issued in Washington on October 8, 2026, carries RIN 3038-AF80 and covers 17 CFR Parts 1, 38 and 39. It sets out two linked proposals: Regulation CTX, a preliminary interpretation of the terms “offer” and “actual delivery” in section 2(c)(2)(D), and Regulation CAM, a purpose-built regulatory framework for exchanges that deal in crypto asset transactions (CTXs). Chairman Michael S. Selig voted in the affirmative and no Commissioner voted in the negative, according to the voting summary appended to the notice. The Commission frames the exercise as a move away from regulation by enforcement toward a uniform national framework that protects retail customers while fostering “responsible innovation” and “fair competition”.

Regulation CTX: defining “offer” and “actual delivery”

• The Commission preliminarily interprets a “covered offer” as attaching to any agreement, contract or transaction under which a retail customer may transact on a leveraged, margined or financed basis, even if no individual transaction is entered into on that basis.
• Such an offer could be made through customer onboarding documents, exchange terms and conditions, or credit and margin documentation.
• On “actual delivery”, the Commission preliminarily understands that many onchain trading protocols settle transactions in a manner that gives the purchaser possession and control of the crypto asset, and that a lien or security interest may remain outstanding without defeating delivery.

Regulation CAM: a new venue category for crypto

• Exchanges dealing in CTXs could obtain designation as a Commission-registered crypto asset market (CAM) by complying with obligations tailored to the commercial realities and risks of crypto.
• CTXs would be intermediated by a futures commission merchant (FCM) and cleared and settled by a derivatives clearing organization (DCO).
• Leverage, margin or financing would be offered to retail customers only through arrangements administered by an FCM or a qualified banking institution, together described as “eligible leverage providers”.
• A CAM’s rulebook would enumerate each leverage arrangement, including margin requirements, collateral, fees, liquidation procedures and customer disclosures.
• The Commission also seeks comment on a de minimis exemption from CAM registration for trading facilities with minimal CTX trading volume or leveraged positions.

Background: eleven comments and a joint taxonomy

• The CFTC previously requested public input on how designated contract markets (DCMs) could list and trade CTXs and received 11 comments.
• On December 4, 2025, the Commission announced that CTXs would trade for the first time on a U.S. regulated exchange.
• On March 11, 2026, the CFTC and the Securities and Exchange Commission (SEC) signed a memorandum of understanding; on March 17, 2026, they issued the Joint Crypto Asset Taxonomy (91 FR 13714), which classified crypto assets into five categories: digital securities, stablecoins, digital commodities, digital collectibles and digital tools.
• The Innovation Task Force, led by Michael J. Passalacqua, was launched to deliver regulatory clarity and foster market integrity across crypto assets and blockchain technologies.

How to comment

• Deadline: December 14, 2026.
• Methods: Regulations.gov, or mail and hand delivery to Christopher Kirkpatrick, Secretary of the Commission, Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st Street NW, Washington, DC 20581.
• Contacts: Tyler S. Badgley, General Counsel; Aaron Levine; Sean Yoo; Michael J. Passalacqua; and Hank Balaban.
• The Office of Management and Budget determined the action is significant under Executive Order 12866 and reviewed it consistent with Executive Order 14215.

The notice matters because it would create the first federal registration category for crypto trading venues and would define when leveraged retail crypto transactions fall under CFTC jurisdiction. The answers the Commission receives by December 14 will shape whether exchanges remain under state-level regimes or move into a single federal framework.

Source: Federal Register, Vol. 91, No. 196, 13 October 2026, Proposed Rules, p. 64811 (official reference: FR Doc. 2026-20888).