The Commodity Futures Trading Commission (CFTC) has proposed a new framework allowing U.S. crypto exchanges to opt for federal oversight. This proposal creates a new registration category called “crypto asset market” that falls under CFTC jurisdiction. The framework targets exchanges offering leverage, margin, or financed retail activity, with requirements for market surveillance, anti-manipulation measures, customer protection, and proof-of-reserves controls. Basic spot exchanges may continue operating primarily under state money-transmitter licenses, as the CFTC currently lacks authority to mandate universal federal registration. Observers will closely monitor responses from major exchanges like Coinbase and Binance, as well as from lawmakers and regulators.
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