CFTC Chair Explains New Rules: Only Federally Regulated Crypto Trading Platforms Can Offer Leverage Trading, but 100x Leverage Will Not Be Allowed

BlockBeats news, October 7: CFTC Chairman Michael Selig said in an interview with CNBC yesterday that under his proposed rules, only federally regulated cryptocurrency trading platforms would be able to offer leveraged trading. "States can only provide money transmission services. The 100x leverage common outside the United States has never been allowed in the United States, and this time will be no exception."

Earlier news: The U.S. Commodity Futures Trading Commission (CFTC) proposed two new rules on Monday, intending to establish a U.S. cryptocurrency regulatory framework based on its authority to regulate leveraged and margined transactions, in order to fill the regulatory uncertainty left by Congress's failure to complete crypto legislation.