The CFTC Chairman stated that multiple platforms intend to adopt the federal regulatory framework, and the proposed rule may allow registered platforms to offer spot trading.
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AT A GLANCE
The CFTC Chairman stated that multiple crypto platforms intend to adopt the proposed federal regulatory framework, and some registered platforms may add spot trading.
Article
CFTC Chairman: Several crypto trading platforms intend to join the federal regulatory framework; registered platforms may soon add spot trading
BlockBeats reports that on November 13, according to CNBC, Michael Selig, Chairman of the U.S. Commodity Futures Trading Commission (CFTC), stated that multiple large crypto trading platforms and new entrants plan to adopt the agency's proposed federal regulatory framework. Some major platforms have already registered with the CFTC for offering derivatives such as perpetual futures, and the proposed framework would allow them to further offer spot trading. Meanwhile, some newcomers hope to obtain licenses through a single federal regulator rather than meeting state-specific regulatory requirements individually.
After the CLARITY Act stalled in the Senate in September, the CFTC and SEC began leveraging existing statutory authority to advance digital asset regulation. On October 5, the CFTC issued a notice seeking early comments on a framework for retail crypto commodity trading. Selig noted that current laws permit the CFTC to register platforms offering margin, leveraged, or financed commodity trading, though the relevant framework remains at the proposal stage.
Regarding prediction markets, Selig reiterated that the CFTC believes it holds exclusive regulatory jurisdiction over event contracts. In response to enforcement actions by certain states treating prediction markets as unlicensed gambling, he stated that, if necessary, the CFTC will take jurisdictional disputes all the way to the U.S. Supreme Court.
Original article link https://m.theblockbeats.info/flash/377233
Key points
01
According to CNBC, CFTC Chairman Michael Selig stated that several large crypto trading platforms and new entrants intend to adopt the agency's proposed federal regulatory framework.
02
Some large platforms have already registered with the CFTC for offering derivatives such as perpetual futures, and the proposed framework will allow them to further offer spot trading.
03
Some new entrants hope to obtain a license through a federal regulatory agency rather than meeting state regulatory requirements individually.
04
The original text states that after the CLARITY Act stalled in the Senate in September, the CFTC and SEC began using their existing statutory authorities to advance digital asset regulation.
05
The CFTC issued a notice of proposed rulemaking on October 5 regarding the framework for retail crypto commodity trading; the relevant framework remains in the proposed stage.
06
Selig stated that the CFTC believes it has exclusive regulatory authority over event contracts and will take jurisdictional disputes with the states to the U.S. Supreme Court if necessary.
AI-assisted interpretation
The following is analysis, separate from reported facts. Verify important claims independently.
This news concerns regulatory proposals and platform intentions, not that spot trading licenses have been finalized. Some platforms are already registered for derivatives business, and the proposed framework aims to allow them to further offer spot trading. Regarding prediction markets, the CFTC advocates exclusive regulation of event contracts, but some states treat prediction markets as unlicensed gambling, leading to jurisdictional disputes between the two sides.
Why it matters to readers
The proposal concerns whether crypto platforms can conduct related business under federal licensing, and whether registered platforms can add spot trading; the prediction market controversy involves who should regulate it.
Do not interpret “the platform’s intentional participation” as “already approved,” nor should existing derivatives business registration be taken to mean that spot business has been licensed. The CFTC’s assertion of jurisdiction does not equate to a final court ruling.
Risks and unknowns
The framework remains in the proposed stage, and the original text does not specify the final rule content or implementation timeline.
The original text does not list the names of platforms intending to participate, nor does it confirm which platforms will be granted spot trading licenses.
The statement that the case was brought before the Supreme Court was made subject to the condition “if necessary”; the original text does not indicate that the relevant dispute has been submitted to the Supreme Court or that a final ruling has already been issued.
Related Developments
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The relevant information comes from media reports, and the evidence provided does not include the full text of the interviews or the original regulatory documents.
Related concepts
Spot Trading
A trading method in which one asset is directly exchanged for another at current market prices.
