[CFTC Chairman: Only Federally Regulated Crypto Exchanges Can Offer Leverage Under Proposed Rules] According to a report by Coin Bureau on October 7, the CFTC Chairman stated that under its proposed rules, only crypto exchanges regulated at the federal level would be allowed to offer leveraged trading. Attorney Michael Selig noted that states can only engage in money transmission activities. He further added that the 100x leverage commonly seen in offshore markets has never been permitted in the U.S. and 'will not be an exception in the future.'