Which crypto trades would fall under the CFTC’s proposed rules?

The U.S. Commodity Futures Trading Commission has started a rulemaking process for a narrow but consequential slice of crypto trading: transactions offered to retail customers with leverage, margin or financing. The agency is seeking comments on how a federally registered crypto venue might operate. Ordinary fully paid spot trades would not automatically move into the proposed system. The CFTC's October 5 advance notice seeks comment on retail crypto commodity transactions offered with leverage, margin or financing under existing statutory authority.