CFTC Chair Michael Selig Outlines Crypto Rules, Names BTC, ETH, SOL, XLM, XTZ and XRP as Digital Commodities
CFTC Chair Michael Selig has provided further details on the agency's previously announced Regulation CTX and Regulation CAM framework, including proposed requirements for covered retail crypto transactions and clearer treatment of onchain asset delivery.
According to Wu Blockchain, the proposed rules would generally require covered retail cryptocurrency transactions to be intermediated by futures commission merchants, or FCMs. The framework would also introduce requirements concerning customer asset segregation, capital, anti-money laundering and proof of reserves.
Proposed Rules Address Retail Crypto Transactions
The proposed Regulation CTX and Regulation CAM framework would establish additional requirements for certain retail crypto transactions. Under the markets approach outlined by Selig, covered transactions would generally need to pass through FCMs, placing the activity within an established intermediary structure.
The proposed requirements would extend beyond transaction intermediation. They would address how customer assets are segregated, the capital requirements applicable to covered activity, anti-money laundering obligations and proof-of-reserves requirements.
CFTC Clarifies Onchain Delivery
Selig also provided further detail on how the CFTC would treat delivery of crypto assets in onchain transactions. The agency is proposing to clarify that transferring crypto assets to a user's external, non-custodial wallet within 28 days would generally satisfy the "actual delivery" exception.
The proposed clarification focuses on the point at which a user takes possession of crypto assets through an external wallet that is not controlled by a custodian. The 28-day period would provide the stated timeframe for delivery to qualify under the proposed interpretation.
Policy for Software Developers Under Review
The CFTC is also exploring a durable regulatory policy for developers whose activities are limited to publishing software. Selig said the agency is considering how to address developers who do not solicit or take orders, control execution or hold customer assets.
The issue distinguishes software developers who publish code from entities that perform functions more directly connected to the execution, solicitation or custody of crypto transactions. Selig's comments indicate that the CFTC is examining a regulatory approach for developers operating within those narrower activities.
CFTC-SEC Taxonomy Names Six Digital Commodities
Selig also cited the CFTC and SEC's joint crypto asset taxonomy, which lists Bitcoin (BTC), Ether (ETH), Solana (SOL), Stellar (XLM), Tezos (XTZ) and XRP as examples of "digital commodities."
The six assets were specifically identified in the joint taxonomy cited by Selig as examples of the digital commodity category. The classification forms part of the agencies' broader work on defining and organizing crypto assets within the regulatory framework.
Writer: Victoria HaleTechnology & Blockchain WriterVictoria Hale writes about blockchain technology, digital infrastructure, and the intersection of emerging technologies with finance. Her articles explore how new protocols and systems are shaping the evolving digital economy.She prioritises clarity and accuracy when explaining technical developments to a general audience.
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