CFTC Chair Michael Selig said in a Nov. 13, 2026, interview that major crypto exchanges and new entrants were interested in registering under proposed federal rules. He said companies were preparing to register, but the model remains a proposal. It would offer a federal alternative to separate state regimes and let exchanges already registered for derivatives add spot trading under CFTC oversight. Participation would be voluntary for exchanges that do not offer margin, lending or leveraged trading.
The CFTC and SEC began drafting rules under their existing authorities after the CLARITY bill failed to secure enough Senate votes on Sept. 15, 2026.
