Crypto in the United States: What should we remember from the new CFTC rules?

Rules for platforms, a classification already known for cryptos. CFTC President Michael Selig presented on October 5 at Fordham University in New York the guidelines for a federal framework intended for crypto transactions offered to individuals with margin, leverage or financing. The regulator has also launched a public consultation to prepare these new rules.

His speech also recalls the SEC-CFTC taxonomy which cites Bitcoin, Ether, Solana, Stellar, Tezos and XRP among examples of “digital commodities”. This list refers to an interpretation published in March 2026: it does not constitute a new classification announced this week.

Bitcoin, Ether and XRP: a classification already published

The clarification is found in note 45 of Selig's speech. Bitcoin, Ether, Solana, Stellar, Tezos and XRP appear as examples of digital commodities, in reference to the text published on March 23. Their qualification is based in particular on the functioning of an operational crypto system and on the dynamics of supply and demand.

This interpretation distinguishes five categories: digital commodities, digital collectibles, digital tools, stablecoins and digital financial securities. The first three are generally not considered securities.

The distinction between the asset and the conditions of its marketing, however, remains essential. A cryptoasset which is not itself a security may be offered in a transaction constituting an investment contract subject to American securities law. The taxonomy therefore does not automatically exempt all transactions involving these assets from applicable obligations.

Michael Selig's reminder thus serves as the basis for the project devoted to platforms and their activities.

CFTC prepares framework for leveraged trading

The Regulation CTX and Regulation CAM initiatives target crypto transactions with margin, leverage or financing offered to individuals. It distinguishes these activities from simple spot purchasing and derivative products, such as perpetual contracts.

The envisaged system would create a sub-category of market registered with the CFTC, called crypto asset market or CAM, adapted to platforms offering only targeted transactions. The consultation should make it possible to specify this regime before possible regulatory proposals.

In his speech, he envisages several safeguards. Intermediaries responsible for customer accounts would be subject to capital, asset segregation and anti-money laundering requirements. Platforms holding assets in omnibus accounts should provide proof of reserves. Listing controls would also cover manipulation risks.

The project finally plans to clarify “effective delivery” within 28 days: a transfer to an external non-custodial wallet could generally satisfy this exception to the obligation to trade on a registered market.