Page 23 - 期货和衍生品行业监管动态（2025年12月）

期货和衍生品行业监管动态

markets after the great financial crisis, including the requirement that leveraged retail

commodity trading can only occur on futures exchanges. But the CFTC never

implemented this critical customer protection reform by providing regulatory clarity

on how to list these retail exchange traded products despite years of market demand.

Instead, the CFTC chose regulation by enforcement rather than making clear rules of

the road, resulting in huge fines that targeted the crypto industry but did not protect

the retail public by giving them a safe place to trade.

“Under my leadership this year, the CFTC is finally using our decades-long

existing authority to work smarter and faster to protect Americans who deserve safe

U.S. markets now, not offshore exchanges that lack basic safeguards against

uncontrolled customer losses. This historic milestone implements recommendations

from the President’s Working Group on Digital Asset Markets with months of public

engagement and the expert input of stakeholders, CFTC staff and other regulators.”

Today’s announcement follows recommendations by the President’s Working

Group on Digital Asset Markets and stakeholder insights from the CFTC’s Crypto

Sprint and cooperative engagement with the Securities and Exchange Commission.

The Crypto Sprint also launched public consultations on all other recommendations

from the President’s Working Group report relevant to the CFTC. Other components
to the Crypto Sprint include enabling tokenized collateral, including stablecoins, in

derivatives markets and a rulemaking to make technical amendments to the CFTC’s

regulations for collateral, margin, clearing, settlement, reporting, and recordkeeping to

enable the use of blockchain technology and market infrastructure including

tokenization in our markets.

https://www.cftc.gov/PressRoom/PressReleases/9145-25

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