CFTC Proposes First Crypto Market Rules After Clarity Act Stalls

This is the CFTC routing around a stalled Congress, and the design reveals the constraint: without the Clarity Act, the agency cannot compel trading onto its registered venues, so it is building an opt-in framework instead. That distinction matters most for exchanges weighing federal registration against staying outside it, since voluntary uptake — not mandate — now determines whether the regime has any reach. Whether platforms actually opt in, and whether that voluntary path draws activity away from less regulated venues, is the open question.