On 5 October, the CFTC published an advanced notice of proposed rulemaking under Commodity Exchange Act section 2(c)(2)(D). The contemplated Regulation CAM framework would create a tailored designated-contract-market subcategory for crypto asset markets, require futures commission merchant intermediation of covered retail transactions and adapt derivatives clearing organization rules to their clearance and settlement.
The agency is also seeking comment on market-abuse controls, proof-of-reserves practices, margin, customer assets, eligible leverage providers and vertically integrated CAM, FCM and DCO structures.
FMI WORLD analysis: The proposal moves leveraged retail crypto from a perimeter debate into an infrastructure-design process. It could place trading venues, intermediaries and clearing organizations inside one federal operating model, but the approach is limited to the CFTC’s existing authority and does not create comprehensive federal supervision of unleveraged spot trading.
Crypto trading venues, futures commission merchants, derivatives clearing organizations, banks providing leverage, retail customers, custody providers, technology vendors and federal and state regulators.
Federal Register publication and the resulting 60-day comment deadline; how the CFTC separates CAM, FCM and DCO responsibilities; treatment of integrated business models, customer-asset segregation and rehypothecation; proposed margin standards; industry comment letters; and legal challenges to the agency’s use of existing authority.
Source: CFTC announcement, 5 October 2026; CFTC ANPRM.