To put it simply, the CFTC is preparing to establish a set of specific regulatory rules for exchanges that allow U.S. retail investors to leverage and buy crypto. For example, a user has $1,000 and uses the platform to finance and buy $3,000 worth of crypto. This type of business involves questions like: who lends the money, who holds the crypto, how losses are handled, and whether customer funds might be misused. The CFTC wants to clarify these responsibilities. For exchanges, it means that if they want to offer such services to U.S. retail investors, they must meet the corresponding registration requirements, protect customer funds, assess the risks of listed tokens, and comply with regulations. Specifically, CAM refers to the platform's registration and operational rules, while CTX pertains to the rules for related transactions. For users, the proposal aims to ensure that platforms can provide leverage services but must also take on the corresponding responsibilities for customer protection. They can't just offer trading functionality without proper financial and risk controls. So, this mainly targets retail leverage, margin, and financing for crypto purchases.