Washing machine
September 10, 2025
On September 2, 2025, the Commissionedy Future Commission market and market division (SECMODITY FUTURES FUTURES TRADING COMMISSION (CFTC) of monitoring and compensation and risks (divisions) published a joint declaration (joint declaration) announcing an inter-ages initiative to the exchanges set by regulated exchanges. The joint declaration is perhaps the most remarkable as the oldest and most visible of the cooperation of internestitutions on the regulation of cryptography.
It was followed by additional cooperation announcements, with what their respective leadership described as “a new day at the dry and the CFTC” in which their work “was never more linked”. (1)
BACKGROUND
Earlier this year, the president’s working group on the digital asset markets (president’s working group), including the president of the SEC and the actor of the CFTC are members, published a report entitled Reinforcement American leadership in digital financial technology (President’s report). (2) The President’s report contains many recommendations and directives to the two agencies, including blocking the United Authority for United Authority for a States. (3) The joint declaration is part of this effort.
The reference in the joint declaration to “some” digital asset products is “the transactions of retail products with leverage, margined or funded” in these assets. Under article 2 (c) (2) (d) (d) of the Commodity Exchange Act (CEA), a transaction of merchandise with retail effects of retail, certain exceptions, is regulated “as if” it was a contract in the long term. (4) This includes the requirement that the contract or transaction is only offered on a contractual market designated by CFTC (DCM). Registered under article 6 (a) of the EXCHANGE ACT SECURITIES of 1934 (NSES). (6)
In this vein, the joint declaration provides that, in the opinion of the divisions, “the current law does not prohibit the exchanges recorded by SECT or CFTC to facilitate the trading of these active cryptographic products.” More specifically, he explains that DCM and NSE (as well as registered foreign commercial advice) are not prohibited from offering these products. Although the joint declaration discusses the legal basis of the grants regulated by CFTC to offer these transactions, it does not develop on the basis of the securities law so that a NSE does it.
The joint declaration follows closely on the heels of a contribution request (RFI) by the acting president of the CFTC on the trade in article 2 (c) (2) (d) transactions on the DCMS. (7) Twenty commentators responded, including the future Association Industry and the DCMS Coinbase, Bitnomial and The Intercontinental Exchange. Overall, commentators have expressed their support for clear “road rules” to govern the cryptography trade, and the agreement that CEA currently allows digital asset products to discuss the DCMS.
Ahead
It emphasizes that the joint declaration articulates the views of the divisions of the current law. However, no exchange to date has offered the types of contracts described in section 2 (C) (2) (d). These transactions may be so closely similar to what exchanges have found more effective simply to offer contracts on digital assets. On the other hand, the supply of divisions to engage with exchanges on this subject can lead to a greater diversity of cryptographic products negotiated on the stock market. It is difficult to discern from RFI comments if there is a real interest. In addition, section 2 (c) (2) (d) transactions cover many more products than digital assets. It is possible that with the encouragement of agencies, leverage transactions in traditional products become more attractive for exchanges.
On the practical level, the joint declaration emphasizes that the divisions are ready to engage with exchanges on subjects, in particular the custody of assets, market surveillance, the dissemination of data and the execution of trade. Interested exchanges should consider doing so.
