COINNEWSCFTC Introduces First Rules for Regulating US Cryptocurrency Market
The US Commodity Futures Trading Commission (CFTC) has introduced the first rules for regulating the country's cryptocurrency market. The regulator is launching two new regimes: Regulation Crypto Asset Transactions (CTX) and Regulation Crypto Asset Markets (CAM).
The new regulations set requirements for CFTC-registered exchanges offering crypto asset trading. Previously, BTC, ETH, and a number of other assets were deemed not to be securities and fall under the commission's jurisdiction.
It is important to note that the new rules do not mandate trading crypto assets exclusively on CFTC platforms. This would require separate legislation from Congress. Instead, the regulator is creating a federal regime for exchanges wishing to operate within a unified system.
Registered platforms will be able to officially offer margin trading, leverage, and financed transactions to retail clients. These exchanges will be subject to federal requirements for asset protection and manipulation prevention.
- Protection of client funds
- Prevention of market manipulation
- Resolution of conflicts of interest
- Ensuring trading transparency
CFTC Chairman Michael Selig described the new rules as only the first stage of cryptocurrency market regulation. After the CLARITY Act failed to advance in the US Senate, the CFTC and SEC began formulating new rules within their existing authorities.
