U.S. CFTC Chairman: Multiple crypto trading platforms intend to be incorporated into the federal regulatory framework, and registered platforms are expected to add spot trading.

According to CNBC, Michael Selig, chairman of the U.S. Commodity Futures Trading Commission (CFTC), said multiple large crypto trading platforms and new entrants are interested in adopting the agency’s proposed federal regulatory framework. Some large trading platforms are already registered with the CFTC for offering derivatives like perpetual futures, and the proposed framework would allow them to expand into spot trading. New entrants, meanwhile, aim to obtain approval from a single federal regulator rather than complying with individual state regulatory requirements. After the CLARITY Act stalled in the Senate in September, the CFTC and the U.S. Securities and Exchange Commission (SEC) began leveraging existing statutory authority to advance digital asset regulation. The CFTC issued a pre-notice of proposed rulemaking for a retail crypto commodity trading framework on October 5. Selig noted that current law permits the CFTC to register platforms offering margin, leveraged, or financed commodity trading, adding that the framework remains in the proposal stage. When discussing prediction markets, Selig reaffirmed the CFTC’s stance that it holds exclusive regulatory authority over event-based contracts. In response to enforcement actions by some states that treat prediction markets as unlicensed gambling, he said the CFTC will take jurisdiction disputes to the U.S. Supreme Court if necessary.