Commodity Futures Trading Commission (CFTC) Chair Michael S. Selig told CNBC that major exchanges already registered for derivatives may add spot crypto trading under a federal framework, as a Senate bill on broader U.S. market rules remains stalled.
Separately, Selig said new entrants were interested in federal registration as an alternative to navigating state licensing requirements. “Signing up with 50 different state regimes is tough,” he told CNBC. The outlet did not identify the firms or report that any had applied.
The CFTC announced an advance notice of proposed rulemaking on Oct. 5, asking for public input on a possible framework for certain crypto asset transactions. The notice explores a crypto-specific category of designated contract market registration. It concerns covered retail commodity transactions, including those offered on margin or with leverage, or financed by the offeror, subject to statutory exceptions.
The notice appeared in the Federal Register on Oct. 13, and comments are due Dec. 14, 2026. The CFTC says it will use the responses to inform possible future action; the notice is not a final rule. The agency says it has overseen aspects of crypto asset markets since 2014.
EconoTimes previously covered Selig’s case for optional crypto registration. He has described a federal route as an option for venues serving retail customers who trade with leverage, margin or financing.
The Senate’s separate legislative effort stalled on Sept. 15. Senators voted 49-50 against cloture on a motion to proceed to H.R. 3633, the Digital Asset Market Clarity Act. The cloture motion failed, so the Senate did not proceed to consideration of H.R. 3633; senators did not vote on final passage. The Associated Press reported that debate over ethics safeguards related to President Donald Trump’s crypto interests was a major obstacle in negotiations.
