CFTC advances voluntary crypto exchange registration as Congress stalls

The U.S. Commodity Futures Trading Commission has advanced a voluntary federal registration pathway for crypto exchanges, Chairman Mike Selig has said, as Congress has yet to enact a crypto market-structure law. Summary Federal registration would offer a pathway for exchanges providing leveraged, margined, or financed retail crypto trading. Financing offers could bring some fully paid transactions into the contemplated federal framework. Exchange safeguards would address token listings, customer funds, conflicts, and proof of reserves. Dec. 14 is the comment deadline stated in the published Federal Register notice. In an Oct. 26 X post, Mike Selig said that the agency is developing the pathway to bring crypto exchanges closer to the protections applied in American derivatives markets. “Crypto markets deserve the same time-tested protections that have governed America’s derivatives markets for generations.” His post accompanied a Bloomberg TV interview and repeated his position that the CFTC can proceed with parts of its crypto agenda using powers it already holds. Crypto markets deserve the same time-tested protections that have governed America’s derivatives markets for generation...