The United States Commodity Futures Trading Commission (CFTC) is moving forward with a voluntary federal registration model for cryptocurrency exchanges, even without the approval of comprehensive legislation by Congress. The agency's chairman, Michael Selig, reaffirmed the initiative this Monday (26), advocating the application of protection standards similar to those used in American derivatives markets.
The proposal would allow digital asset trading platforms to opt for a federal supervisory regime, instead of relying exclusively on state licenses. The model would especially cover operations with leverage, margin, or financing, in which investors trade using borrowed funds.
The regulatory process began on October 5, when the CFTC opened a public consultation on two initiatives: the Regulation Crypto Asset Transactions (CTX) and the Regulation Crypto Asset Markets (CAM). The second provides for a specific registration category for cryptocurrency platforms, adapted to the characteristics of these markets.
The agency intends to establish requirements related to manipulation prevention, protection of customer funds, conflicts of interest, and operational security. It is also evaluating proof-of-reserves mechanisms for exchanges that hold investor assets in custody.
Voluntary registration will not replace federal legislation
The plan's main limitation lies in the scope of regulatory authority. The CFTC recognizes that it cannot require all cryptocurrency exchanges to join the federal system without a legislative change.
The impasse comes after the US Senate was unable to advance the CLARITY Act, a bill intended to establish national rules for the digital asset market. On September 15, the proposal received 49 votes in favor and 50 against in a procedural vote, insufficient to reach the required minimum of 60 votes.
Another relevant detail appears in the regulatory document: the CFTC preliminarily considers that the mere offering of leverage can place certain fully paid transactions under its jurisdiction, even when the customer declines the financing. The interpretation allows legal exceptions, including actual delivery of the asset within 28 days.
This distinction is important for platforms that combine spot trading and financed products, because regulatory classification can depend on the conditions offered to the customer, not only on the transaction actually executed.
The plan still does not constitute final regulation. The consultation remains open until December 14, 2026, when the deadline for submitting contributions ends. The submissions received may guide the drafting of future rules.
