CFTC advances Reg CAM cryptocurrency market framework: voluntary inclusion under federal unified regulation

Michael Passalacqua, Senior Advisor to the Chairman of the U.S. Commodity Futures Trading Commission and Head of the Innovation Working Group, introduced that after the Clarity Act was stalled, the CFTC is advancing Reg CAM, the "Crypto Asset Market" framework, which aims to provide a voluntary path for cryptocurrency trading platforms to come under the CFTC's nationwide unified regulation.

This arrangement is primarily aimed at platforms that offer leveraged, margin, or financing trading to retail customers, allowing them to escape the patchwork of state money transmission licensing regulations; pure spot trading without leverage generally remains outside this mandatory framework. Passalacqua stated that the relevant rulemaking is currently in the public comment phase, and there is still no conclusion on whether the industry finds this proposal attractive.