Agency proposes new crypto rules | Northwest Arkansas Democrat-Gazette

The U.S. Commodity Futures Trading Commission proposed a new federal framework for crypto exchanges that offer leveraged digital asset trading, aiming to bring leveraged parts of the spot crypto market under federal oversight. The rules, issued Monday, would let exchanges opt into a CFTC-regulated regime instead of depending mainly on a patchwork of state money-transmitter licenses. The proposal would create a new category called a “crypto asset market” for venues offering margined or leveraged trading to retail customers, with requirements including anti-manipulation controls and a “proof of reserves” obligation. The CFTC also proposes registered futures commission merchants would intermediate customer trades, without setting specific leverage limits. The plan arrives after Congress failed to advance the Clarity Act.