According to CoinMeta, the Commodity Futures Trading Commission (CFTC) in the United States is developing a new federal framework to regulate crypto exchanges, utilizing existing powers rather than waiting for Congress to restructure the U.S. digital asset market. CFTC Chair Michael Selig outlined proposals for the regulation of crypto asset trading and the supervision of crypto asset markets at a blockchain regulatory seminar at Fordham Law School, which mainly target platforms that offer leveraged, margin, or financing crypto transactions to retail customers. This approach has not been able to achieve widespread federal regulation of spot exchanges. Selig acknowledged that requiring these platforms to register with the CFTC requires congressional action. For the leveraged retail market, the CFTC already has authority under the Commodity Exchange Act. Selig stated that the CFTC intends to “actively use existing powers” to regulate retail commodity trading, while Congress continues to discuss broader market structure legislation.