US CFTC seeks public comment on crypto asset trading and market regulatory framework.

BlockBeats news, October 6 - The U.S. Commodity Futures Trading Commission (CFTC) has issued an advance notice of proposed rulemaking regarding the "Regulation of Crypto Asset Transactions" (Regulation CTX) and the "Regulation of Crypto Asset Markets" (Regulation CAM), seeking public comment on establishing a comprehensive regulatory framework applicable to retail commodity transactions in crypto assets.

The key areas of this solicitation include: how to prevent abusive practices in the crypto market and related transactions through a unified national regulatory system; how to provide compliance requirement explanations and industry best practice information for crypto assets; and how to establish, through rules, a designated contract market registration subcategory specifically serving crypto asset transactions, namely the "crypto asset market."

CFTC Chairman Michael S. Selig stated that this action will utilize existing statutory authority to advance a federal crypto market regulatory framework, with the goal of preventing fraud similar to FTX rather than only pursuing accountability after the fact. The CFTC will consider subsequent rulemaking and other actions based on feedback. The public must submit written comments within 60 days after this notice is published in the Federal Register.