CFTC Proposes Federal Rules for Leveraged Retail Crypto Trading Across New Exchange Tier

The U.S. Commodity Futures Trading Commission has proposed Regulation CTX and Regulation CAM to establish a federal framework for leveraged, margined, or financed retail cryptocurrency trading. The proposals introduce a 'Crypto Asset Markets' registration category, allowing registered platforms to offer leveraged spot products while requiring proof-of-reserves standards. The action follows the legislative stall of the Digital Asset Market Clarity Act in the Senate. Direct, unmargined spot trading for assets like Bitcoin remains under state regulation, and the proposed rules are subject to a 60-day public comment period.