CFTC Publishes Crypto ANPRM: Regulation CTX and CAM

By Dana Kovac · Published 2026-10-13 · Independent review — not affiliated with any exchange

The Commodity Futures Trading Commission published its advance notice of proposed rulemaking (ANPRM) on crypto asset transactions in the Federal Register on October 13, 2026. The document, FR Doc 2026-20888, runs from page 64811 to 64840 of volume 91 and carries RIN 3038-AF80. Its title is “Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets,” and the Federal Register lists the comment deadline as December 14, 2026.

The CFTC first announced the notice on October 5 in Press Release 9307-26. Law firm Steptoe, in a separate client analysis, reports that the proposal was introduced that day at Fordham and describes it as an optional federal path rather than finished rules. Today’s publication starts the formal clock.

What the CFTC actually published

According to the Federal Register abstract, the CFTC is seeking comment on its intent to develop “fit-for-purpose rules” implementing section 2(c)(2)(D) of the Commodity Exchange Act for transactions and markets in crypto assets. That section covers retail commodity transactions offered on a leveraged, margined, or financed basis. Unless a statutory exception applies, those transactions must be treated as if they were futures, which means they belong on a registered exchange.

The notice introduces two named pieces:

• Regulation CTX (Crypto Asset Transactions). The CFTC’s preliminary interpretation of which crypto transactions fall under section 2(c)(2)(D), including what counts as an “offer” and what counts as “actual delivery.”
• Regulation CAM (Crypto Asset Markets). A framework that, in the notice’s words, tailors the full array of on-exchange futures requirements to the commercial realities and risks of these crypto transactions.

The CFTC press release says it is asking for comment on three areas: preventing abusive practices, giving crypto-specific context and best practices for meeting existing requirements, and codifying a subcategory of designated contract market (DCM) registration purpose-built for these transactions. The release quotes Chairman Michael S. Selig framing the effort around clarity, certainty, and consumer protections.

The “actual delivery” piece matters because the statute excludes a retail sale that results in actual delivery within 28 days. The Federal Register text notes that the CFTC withdrew its 2020 crypto actual delivery guidance in December 2025 (90 FR 58149) and now wants to replace it with an interpretation built for crypto.

Confirmed versus not yet decided

Treat any headline saying the CFTC has “approved” leveraged crypto for US retail, or that a named exchange is now licensed under this framework, as unverified. The document asks questions; it does not grant anything.

What this means for traders and exchanges

For US retail traders, the practical change today is zero. Leveraged, margined, or financed crypto offered to US retail customers was already supposed to sit on a registered exchange unless an exception applied. The ANPRM signals the CFTC wants a crypto-specific version of that venue, which could eventually mean more onshore products with leverage under federal oversight. If you are new to how borrowed exposure works, our explainer on what margin is in crypto covers the mechanics.

One detail traders may miss: the Federal Register text says a fully paid trade made after a customer rejects an offer of leverage, margin, or financing does not by itself fall outside CFTC jurisdiction. It stays covered until actual delivery occurs or another exception applies. That reading could shape how platforms design “spot with optional margin” products.

For exchanges, Steptoe describes the framework as an optional federal route alongside state spot regimes, triggered by offering retail leverage, margin, or financing. A venue that wants to serve US retail with leverage would watch the DCM subcategory question closely. For non-US traders, offshore venues are not directly bound by this notice, and local rules still decide what is legal where you live. Our guide on whether margin trading crypto is legal in 2026 breaks that down by region.

Checks to do before acting on this news

1. Document stage. Confirm you are reading about an ANPRM. A proposed rule would carry a new Federal Register document and a new comment period.
2. Deadline. Comments close December 14, 2026, per the Federal Register. Submissions should reference RIN 3038-AF80.
3. Primary text. Read the full Federal Register notice or the govinfo PDF rather than social media summaries.
4. Exchange claims. If a platform says it is “CFTC compliant” for leveraged crypto, check the CFTC registrant lists instead of taking marketing at face value.
5. Your jurisdiction. US federal rules do not change what your local regulator allows.

Bottom line

The CFTC’s crypto ANPRM is now officially in the Federal Register, with comments due December 14, 2026. It outlines Regulation CTX to interpret which leveraged, margined, or financed retail crypto transactions fall under CEA section 2(c)(2)(D), and Regulation CAM to build a crypto-specific DCM subcategory for them. What remains open is everything that binds: final text, registration timing, margin details, and which venues opt in. We will update this article if the CFTC issues a proposed rule.

This article is for informational purposes and is not investment or legal advice. Leveraged crypto trading carries a high risk of loss; check the CFTC and Federal Register sources directly before making decisions.

Dana Kovac — Covers trading tools, bots and market structure. Spent four years on a prop trading desk before going independent.