According to CoinMeta, the U.S. Commodity Futures Trading Commission (CFTC) has issued a pre-proposed rule notice, intending to use existing authorities to establish a framework for the structure of crypto markets in spot trading. This framework is based on the registration of existing derivatives trading markets, derivatives clearing organizations, and futures brokers, and aims to create a new category for crypto asset markets. Spot exchanges that do not offer leverage have the option not to join this framework and can retain their state money transmission licenses.