TD Cowen Washington Research Group Managing Director Jaret Seiberg stated that the CFTC's regulatory rules for leveraged and margin crypto trading might not be finalized until early 2028, facing policy risks tied to the U.S. election cycle. The CFTC is expected to propose formal rule drafts as early as late Q1 or early Q2 of 2027, with finalization by early 2028, though the rules may still face implementation delays. The proposed regulatory framework would require crypto platforms to undergo proof-of-reserves audits and bring state-licensed platforms under CFTC oversight, but it would not directly cover spot trading. Seiberg warned that accelerating the rule-making process could be blocked by courts due to procedural issues, and even under normal progress, related legal disputes could extend beyond 2028. (The Block) https://(wublock123.com)/news/td-cowen-cftc-crypto-leverage-rules-delayed-until-early-2028-69938