According to CoinMeta, the U.S. Commodity Futures Trading Commission (CFTC) initiated the rule-making process for a federal crypto market framework on October 5th. The agency issued a notice of proposal regarding the regulation of crypto asset trading and market supervision, which may create a federal registration pathway for crypto platforms operating under the CFTC's existing authorities. The proposal includes regulations on crypto asset trading and market supervision, and defines requirements for exchanges registered with the CFTC. The framework will allow participating exchanges to choose to operate under a single federal market supervision regime and will permit retail customers to trade using margin, leverage, or financing methods. It is noted that state-licensed exchanges do not have the authority to offer the same trading arrangements and cannot require all regulated crypto assets to be traded on their platforms without congressional authorization. This initiative will establish voluntary federal options within the scope of the CFTC's existing powers.