[CFTC Chairman: Only Federally Regulated Crypto Exchanges Can Offer Leveraged Trading] Michael Selig, Chairman of the U.S. Commodity Futures Trading Commission (CFTC), stated that under its proposed rules, only federally regulated cryptocurrency exchanges would be allowed to offer leveraged trading. States would only be permitted to provide services related to fund transfers. He also noted that the 100x leverage commonly seen in offshore markets has never been approved for offering in the U.S., and this time will be no exception.