The U.S. Commodity Futures Trading Commission (CFTC) published an Advanced Notice of Proposed Rulemaking (ANPRM) on Monday, October 5, seeking public comment on a plan to bring leveraged, margined, and financed crypto trading under a new federal registration framework. The proposal would create a fresh registration category called a “crypto asset market” for platforms that offer leveraged, margined, or financed trading to retail customers. Exchanges that want to list crypto perpetuals or prediction markets could instead register as designated contract markets, the CFTC’s standard category for derivatives venues. Platforms handling basic spot crypto transactions would not need to register and would instead fall under state oversight.