CFTC proposes voluntary registration for crypto exchanges

The U.S. Commodity Futures Trading Commission (CFTC) is advancing a voluntary federal registration pathway for cryptocurrency exchanges. CFTC Chairman Michael Selig announced the initiative as congressional efforts to pass broader digital asset legislation remain stalled.

The proposed framework, which includes Regulation CTX and CAM, aims to extend traditional derivatives-market safeguards to eligible crypto trading platforms. These protections focus on areas such as customer funds, market manipulation, conflicts of interest, and exchange oversight. The initiative specifically targets exchanges offering leveraged, margined, or financed retail crypto trades, though it does not currently address the spot market.

Chairman Selig noted that while the CFTC lacks the authority to mandate registration—a power that would require congressional action—the voluntary pathway provides a federal option to ensure uniform oversight and consumer protection. The agency intends to use its existing statutory powers to prevent market failures similar to the FTX collapse. Public comments on the proposed framework are expected to be due by December 14, 2026.