On 5 October 2026 the US Commodity Futures Trading Commission announced an advance notice of proposed rulemaking for two regulations: Regulation Crypto Asset Transactions (CTX) and Regulation Crypto Asset Markets (CAM) (CFTC document, CoinDesk). CTX would define when crypto trades offered to retail on a leveraged, margined or financed basis fall under section 2(c)(2)(D) of the Commodity Exchange Act, including what "actual delivery" means (a 28-day window is discussed). CAM would create a narrower sub-category of designated contract market for platforms that list only such transactions. Comments are due 60 days after publication in the Federal Register.
Chairman Selig said the aim is "clear rules of the road for crypto asset markets", and that trading would not be forced onto CFTC-registered venues; the agency lacks authority over plain spot trading. Proposed CAM standards include a ban on listing products vulnerable to manipulation and proof of reserves for customer assets in omnibus accounts. As an advance notice, the document contains no rule text yet (Steptoe).
For decentralised venues the notice is mostly silent. CoinDesk notes that Selig is examining protections for developers who write code but do not solicit orders or hold funds, a question left open by the March 2026 joint SEC-CFTC guidance. The move follows the Senate's failure on 15 September to advance the CLARITY Act, which contained an explicit DeFi carve-out.
Why it matters for perp DEX users: leveraged crypto is exactly what CTX targets, and a registered CAM is the path venues such as Lighter (which plans a November filing) and Hyperliquid would need for compliant US access. Nothing in the notice changes access for EU traders.