Three weeks after the Clarity Act died in the Senate, the CFTC published its own plan to regulate crypto exchanges via Regulations CTX and CAM, with 60 days for public comments once it hits the Federal Register. The proposal outlines a federal license for crypto trading platforms based on their use of leverage, replacing a patchwork of state rules with a unified framework. This license would allow US exchanges to offer leveraged products they currently cannot, particularly perpetual futures, and would make it easier for banks and traditional brokers to engage with crypto. Meanwhile, the SEC approved six triple-levered funds tracking Bitcoin, Ethereum, gold, silver, oil, and gas.
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