U.S. CFTC moves to create first formal crypto market rules

The U.S. Commodity Futures Trading Commission is moving to establish its first formal rules for the crypto market and has submitted two proposals to the White House Office of Information and Regulatory Affairs, The Wall Street Journal reported. The proposals are Regulation Crypto Asset Transactions, or CTX, and Regulation Crypto Asset Markets, or CAM. CTX would govern crypto transactions involving leverage, margin, and financing, while CAM would create a new registration framework for crypto platforms offering those products. The move is seen as an effort to build a clearer regulatory framework instead of relying on an enforcement-led approach focused on individual cases. CFTC Chairman Mike Selig said the agency is pursuing rules that would create a federal regulatory framework allowing crypto exchanges to offer leveraged and margined spot trading to retail customers without congressional action. Unlike the Clarity bill, the proposal would not require crypto assets to trade exclusively on CFTC-registered platforms, he said.