On October 5, 2026, the Commodity Futures Trading Commission (the “Commission”) published an Advanced Notice of Proposed Rulemaking (“ANPR”) announcing its intent to establish a comprehensive framework of fit-for-purpose rules under section 2(c)(2)(D) of the Commodity Exchange Act (“CEA”) for retail commodity transactions involving crypto assets (“CTXs”). The ANPRM asks how the Commission should regulate CTXs and the markets on which they trade. 

Section 2(c)(2)(D) applies to agreements, contracts, or transactions in any commodity offered to a retail customer on a leveraged or margined basis, or financed by the offeror, the counterparty, or a person acting in concert with or on a similar basis. The Commission acknowledges in the ANPR that it has never adopted rules explaining how section 2(c)(2)(D) applies to crypto assets. The ANPR previews two likely proposals: Regulation Crypto Asset Transactions (“Reg CTX”), which would set out the Commission’s preliminary interpretation of when crypto asset transactions are subject to section 2(c)(2)(D), and Regulation Crypto Asset Markets (“Reg CAM”), which would create a tailored subcategory of designated contract market (“DCM”) registration. As an advance notice, the ANPR does not propose rule text. Among other topics, it seeks comment on how the Commission can:  

• Prevent abusive practices. Address abusive practices in crypto asset markets and CTXs under a single, uniform national regime. 

• Provide crypto-specific context on compliance. Give market participants contextual information on requirements and practices that are commonly accepted in the industry and that the Commission, based on its oversight of aspects of crypto asset markets since 2014, considers to be best practices for complying with the regulatory requirements that apply to CTXs. 

• Codify a crypto asset market registration category. Establish by rule a subcategory of DCM registration, known as a crypto asset market (“CAM”), purpose-built for CTXs. CAM designation would be limited to exchanges that list only these covered crypto asset transactions.  

The ANPR is the latest step in the Commission’s response to the July 2025 President’s Working Group Report, which recommended that the Commission provide guidance to DCMs on listing leveraged spot retail crypto transactions. Chairman Michael S. Selig described the action as the start of a series of new rulemakings that would use the Commission’s existing statutory authorities to build a federal crypto asset market structure, with the stated goal of giving the public clarity, certainty, and consumer protections. The Commission intends to use the comments it receives to inform potential future agency action, such as a rulemaking, with respect to section 2(c)(2)(D) and CTXs.  

Comments must be submitted in writing within 60 days after the ANPR is published in the Federal Register.