CFTC plans to introduce new regulations for cryptocurrency exchanges, focusing on retail leveraged trading and customer asset protection On October 5th, the CFTC announced a regulatory plan for cryptocurrency assets, preparing to establish specialized federal registration and regulatory rules for exchanges that provide leverage, margin, or margin buying services to retail investors in the United States. A. Cryptocurrency asset market For exchanges, they can apply for a registration qualification called "Crypto Asset Market" in the future, and operate related businesses according to unified federal rules after meeting the conditions. There will be more specific requirements for what services the platform can provide, how customer funds should be kept, and what reviews are needed for coin listing. We are preparing to promote two sets of supporting rules this time: 1. CTX is responsible for identifying which transactions are regulated and how to truly deliver coins to users. CAM is responsible for specifying how exchanges are registered and operated. Ordinary spot platforms can still primarily operate under state-level systems, and if one wishes to further provide platforms for retail leverage and financing transactions, they need to meet the corresponding federal registration requirements. The CFTC has also made it clear that congressional authorization is still required to mandate the unified registration of all cryptocurrency spot exchanges. B. Customer asset protection The CFTC is considering requiring relevant transactions to be processed through regulated intermediaries, who are responsible for customer accounts, fund segregation, capital and risk disclosure, while implementing identity verification and anti money laundering requirements. For platforms that use consolidated accounts to safeguard customer assets, consideration is also being given to adding a reserve proof obligation. C. Listing review How many people hold the token, when the team unlocks it, and whether there is a programmatic issuance or repurchase, all of these may become important factors in determining whether the token is easily manipulated. For platforms, this means that they also need to continuously monitor related risks after listing. D. Actual delivery The current law has exceptions for transactions completed within 28 days of actual delivery, and the CFTC is prepared to clarify that transferring coins to the user's own external non custodial wallet can usually meet this condition. Whether the currency truly enters the user controlled wallet will directly affect which set of rules apply to the relevant transactions. At present, this document is still in the stage of soliciting opinions before formulating rules. The opinion period is 60 days from the date of publication in the Federal Register, and the specific requirements and implementation time are still to be determined later. In addition, CAM mainly targets the above-mentioned retail encrypted trading. If the platform also wants to operate futures, options, or swaps, it still needs to apply the existing derivative regulatory framework. One @ Gate, trade more markets