Which crypto trades would fall under the CFTC’s proposed rules?

The U.S. Commodity Futures Trading Commission has started a rulemaking process for a narrow but consequential slice of crypto trading: transactions offered to retail customers with leverage, margin or financing. The agency is seeking comments on how a federally registered crypto venue might operate. Ordinary fully paid spot trades would not automatically move into the proposed system. The CFTC’s October 5 announcement invokes section 2(c)(2)(D) of the Commodity Exchange Act. The section reaches certain commodity transactions with retail customers when leverage, margin or financing is provided.

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