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CFTC Proposes Its First Formal Crypto Rulebook — Federal Leverage Framework, Spot Left to States

Verified · 6 Oct 2026Institutional TransitionOct 6, 2026

The CLARITY Act is moving through an increasingly narrow Senate window toward a floor vote as ethics disputes, opposition coalitions, and shifting passage odds keep the bill's fate uncertain.

The CFTC proposed Regulation CTX/CAM, its first formal crypto rulemaking — an opt-in federal framework for leveraged retail crypto trading that deliberately leaves spot exchange oversight to the states, per The Block and the agency's request for comment. Staff separately issued a no-action letter permitting exchanges to convert crypto futures into true perpetual contracts. Coverage also reports a joint SEC-CFTC effort classifying six assets, including Bitcoin and Ether, as digital commodities. The proposal follows the CLARITY Act's 49-50 Senate failure.

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