Chairman Selig's CTX and CAM proposals could bring retail margin onshore, put exchanges under one federal roof, and reshape the fight over prediction markets. CLARITY may be dead, but the CFTC isn't waiting on Congress to unite crypto under one, unified federal framework. For years, U.S. crypto exchanges have been regulated largely like money transmitters, the same category as Western Union or your local currency exchange. That may work for simply swapping dollars for Bitcoin, but it's an outdated approach for platforms that now operate national order books, match trades across the country, and manage billions in customer funds.