US commodities regulator proposes new federal crypto oversight rules美国商品监管机构提议制定新的联邦加密货币监管规则
Oct 5 (Reuters) - The U.S. commodities regulator on Monday proposed a new federal framework for cryptocurrency exchanges that offer leveraged digital asset trading, in a move to bring parts of the spot crypto market under federal oversight weeks after Congress failed to advance comprehensive crypto regulation.
FILE PHOTO: Representation of cryptocurrencies is seen in this illustration created on September 10, 2025. REUTERS/Dado Ruvic/Illustration//File Photo
Oct 5 (Reuters) - The U.S. commodities regulator on Monday proposed a new federal framework for cryptocurrency exchanges that offer leveraged digital asset trading, in a move to bring parts of the spot crypto market under federal oversight weeks after Congress failed to advance comprehensive crypto regulation.
The U.S. Commodity Futures Trading Commission's proposed rules would effectively allow U.S crypto exchanges to opt into a federal regulatory regime instead of relying primarily on a patchwork of state money-transmitter licenses, the agency said.
Exchanges that opt into the new framework would comply with a uniform set of federal rules instead of complying with different regulatory regimes on a state-by-state basis, which many have previously argued is overly burdensome.
The proposed rules make use of a specific authority the CFTC has to oversee margined or leveraged spot assets. The CFTC has long sought authority to regulate the spot cryptocurrency markets -- which currently operate in a regulatory grey area -- but only Congress has the ability provide the regulator with that purview.
"For years, entrepreneurs building on the new frontier of finance faced uncertainty about whether there was a place for them in our markets. We are giving them an answer," said CFTC Chair Michael Selig in a speech Monday at an event held by Fordham University's law school.
Under the proposed rules, the CFTC would establish a new category of CFTC-regulated trading venues called a "crypto asset market" for exchanges that offer leveraged or margined trading to retail customers. Those platforms would be subject to specific requirements including anti-market manipulation controls and a "proof of reserves" obligation.
The CFTC is also proposing that customer trades on the new category of exchanges be intermediated through registered futures commission merchants.
(Reporting by Hannah Lang and Ismail Shakil; editing by Michelle Nichols and Michelle Price)
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资料图片：这张插图描绘了加密货币的形象，创作于2025年9月10日。路透社/Dado Ruvic/插图/资料图片
10 月 5 日（路透社）——美国大宗商品监管机构周一提出了一项针对提供杠杆数字资产交易的加密货币交易所的新联邦框架，此举旨在将部分现货加密货币市场置于联邦监管之下。此前数周，国会未能推进全面的加密货币监管。
美国商品期货交易委员会表示，该委员会提出的规则实际上将允许美国加密货币交易所选择加入联邦监管体系，而不是主要依赖各州发放的汇款许可证。
选择加入新框架的交易所将遵守一套统一的联邦规则，而不是像以前那样逐州遵守不同的监管制度，许多人此前认为后者负担过重。
拟议规则利用了美国商品期货交易委员会（CFTC）监管保证金或杠杆现货资产的特定权限。CFTC长期以来一直寻求监管现货加密货币市场的权力——这些市场目前处于监管灰色地带——但只有国会才能赋予监管机构这项权限。
“多年来，在金融新领域开拓的企业家们一直面临着不确定他们是否能在我们的市场中占有一席之地的困境。我们正在给他们一个答案，”美国商品期货交易委员会主席迈克尔·塞利格周一在福特汉姆大学法学院举办的活动上发表讲话时说道。
根据拟议规则，美国商品期货交易委员会（CFTC）将设立一个新的受CFTC监管的交易场所类别，称为“加密资产市场”，该类别适用于向零售客户提供杠杆或保证金交易的交易所。这些平台将受到特定要求的约束，包括反市场操纵控制和“储备金证明”义务。
美国商品期货交易委员会还提议，新类别交易所的客户交易应通过注册期货佣金商进行中介。
（Hannah Lang 和 Ismail Shakil 报道；Michelle Nichols 和 Michelle Price 编辑）
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