CFTC Seeks Public Comment on a Federal Framework for Crypto Asset Transactions
The Commodity Futures Trading Commission on October 5 published an Advanced Notice of Proposed Rulemaking (ANPRM) seeking public comment on establishing a comprehensive regulatory framework for retail commodity transactions involving crypto assets under section 2(c)(2)(D) of the Commodity Exchange Act — transactions the agency calls CTXs. Retail crypto trades offered with leverage, margin or financing generally must take place on a CFTC-registered exchange under current law.
"Today's action is a critical step in the CFTC's ongoing efforts to ensure America remains the crypto capital of the world," Chairman Michael S. Selig said. "The American people deserve clarity, certainty, and consumer protections in the crypto asset markets." He said the rulemakings would be grounded in the purpose of the Commodity Exchange Act and the President's directive to propose a federal crypto asset market structure using the CFTC's existing statutory authorities, and that the rules would be designed "to prevent, rather than only prosecute after the fact, fraudulent schemes such as FTX."
The notice seeks comment on three areas: how the Commission can prevent abusive practices in crypto asset markets and CTXs under a uniform national regime; industry practices commonly accepted since the Commission began overseeing aspects of crypto asset markets in 2014, to give market participants compliance context; and codifying a subcategory of designated contract market registration — a "crypto asset market" — purpose-built for CTXs.
An ANPRM is an early step before any formal rule is proposed and does not itself change current rules. Comments must be received within 60 days of the notice's publication in the Federal Register, will be posted on Regulations.gov, and will inform potential future agency action, including a rulemaking.
Source: GSM · USA
Source: GSM · USA (original Chinese edition)
Photo: 美国商品期货交易委员会（CFTC）华盛顿总部大楼。ajay_suresh摄，CC BY 4.0，经Wikimedia Commons。 / CFTC headquarters building in Washington, D.C. Photo by ajay_suresh, CC BY 4.0, via Wikimedia Commons.
