CFTC moves ahead on US crypto rules

TLDR

The US CFTC is moving ahead with its own crypto market rules using existing authority after Congress failed to pass a comprehensive crypto law.

1. CFTC Chair Mike Selig has sent two crypto rule proposals to the White House, aiming to regulate leveraged and derivatives markets without new legislation.
2. The focus is on perpetual futures and 24/7 on-chain markets, creating a clearer path for regulated leveraged crypto trading but leaving spot markets largely unchanged.
3. Crypto users should watch for the rule texts, new exchange categories, and whether Congress revisits broader spot-market regulation in coming months.

Deep Dive

1. What The CFTC Is Actually Doing

After the Senate blocked the CLARITY Act, CFTC Chair Mike Selig said it is go time and confirmed the agency will act under current law rather than wait for Congress.

The CFTC has submitted two prerule proposals to the White House Office of Information and Regulatory Affairs covering crypto asset trading and crypto asset markets, beginning formal work on a derivatives-led framework for crypto under RIN 3038-AF80 TokenPost summary.

Separately, the CFTC approved a Bitcoin-linked perpetual futures contract (BTCPERP) on Kalshi as a first example of true crypto asset perpetual contracts under US oversight, signalling the kind of products the new rules will target BTCPERP approval coverage.

2. Derivatives Focus And Spot Market Limits

Reporting indicates the CFTCs framework will center on perpetual futures and 24/7 on-chain markets driven by algorithms and agentic finance, including a possible new designated contract market category for leveraged crypto trading under CFTC supervision regulation focus article.

Crucially, these moves do not give the CFTC full authority over spot crypto markets. Analysts note that day-to-day spot trading will remain under a patchwork of anti-fraud powers until Congress passes a dedicated spot regime broader CLARITY context.

For exchanges and users, that means more clarity for US-permitted perps and other derivatives, while spot trading on many platforms still faces jurisdictional gaps and higher regulatory uncertainty.

3. What To Watch Next

Several near-term signals matter:

1. Publication of the CFTC rule texts once the White House review completes, which will reveal concrete margin, collateral, and surveillance requirements for crypto derivatives venues.
2. How aggressively the CFTC applies this framework to platforms seeking US-compliant perpetuals, including existing crypto venues and prediction markets already under review.
3. Whether Congress revives CLARITY-style legislation to address spot markets or continues to leave agencies to fill gaps through guidance and exemptions.

Confidence: high, because multiple independent reports describe the same CFTC proposals and their limits.

Conclusion

The CFTCs decision to push ahead on US crypto rules using existing powers is a meaningful step toward a regulated home for leveraged and perpetual crypto trading, even as spot markets remain only partially covered. If the forthcoming rules are workable, they could pull more derivatives activity onshore and reduce reliance on offshore venues, but a full, unified US framework for everyday spot crypto trading still depends on future Congressional action.