CFTC’s new crypto market plan faces scrutiny after Loper Bright

The Commodity Futures Trading Commission has a new plan for policing leveraged crypto trading. It does not need Congress to sign off. Whether it survives a judge is a separate question. Renato Mariotti says the CFTC’s strategy is a clever interpretation of its existing powers. He also warns that courts may refuse to accept it in a post-Loper Bright world, where agencies can no longer count on judges giving them the benefit of the doubt. What the CFTC actually proposed On October 5, 2026, the CFTC published an advance notice of proposed rulemaking, or ANPRM. Think of it as the agency announcing a policy and asking the public to weigh in before writing the final rules. The notice introduces two frameworks: Regulation CTX and Regulation CAM. CTX takes aim at leveraged and margined retail crypto asset transactions. CAM creates a new subcategory specifically for crypto asset markets. Together, they offer exchanges a voluntary route to federal registration. Venues registered under CAM would have to meet proof-of-reserves obligations and maintain anti-manipulation controls. On leverage, the proposal does not set specific caps. Instead, any leveraged offering would go through review by CFT...