The @CFTC just took an important step toward adopting a federal rulebook for crypto market structure: the Commission proposed rules for exchanges that let Americans trade crypto with leverage, including a new type of CFTC registration that is fit for purpose. An exchange’s regulatory path would follow its product set: (1) state licensing for spot trading, backstopped by the CFTC's anti-fraud and anti-manipulation authority; (2) CFTC registration for leverage under rules written for crypto; and (3) the existing DCM framework for perps and other derivatives. Builders shipping code onchain, and the Americans using it, would know where they stand under federal law. Separately, the CFTC is working directly with builders to develop lawful pathways for onchain markets in the United States, and is drafting a policy so that developers who publish software but do not take orders, control execution, or hold customer assets would not have to register as brokers. Thank you to @ChairmanSelig and the CFTC staff for the effort behind today's proposal and for putting onchain markets on the agenda.