CFTC advances single federal regulatory option for crypto exchanges

Crypto exchanges could be allowed to choose a single federal framework under CFTC oversight instead of navigating state-by-state regulation. Whether exchanges will find the framework attractive remains uncertain. In an Oct. 16 CoinDesk interview, CFTC official Michael Pasalacqua said the goal was to let crypto exchanges opt into one nationally uniform federal framework overseen by the agency. He stressed that his comments represented his personal views and did not necessarily reflect those of the commission or its broader staff. Pasalacqua said bipartisan support emerged during discussions of the Clarity Act for making the CFTC the regulator of the crypto asset industry. However, he said it remains an open question whether market participants would embrace a framework in which certain products trigger Commodity Exchange Act requirements and fall under CFTC regulation.

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