According to CoinMeta, the Commodity Futures Trading Commission (CFTC) of the United States has issued a proposed rule-making pre notice (PNR) aimed at using existing authority to establish a market structure framework for cryptocurrency spot trading. The proposal will create a new “cryptocurrency asset market” category based on the existing registration systems for futures, options, and swaps. Unlike the Clearing House Act, this PNR explores a voluntary federal path for exchange registration, allowing spot exchanges that do not offer leverage to opt out of the framework and retain their state-issued money transfer licenses. The former CFTC Chair Gary Gensler described this move as providing a “clear, voluntary, single federal rule path” for customers trading with borrowed funds. Several lawyers believe that this proposal represents a “clever” interpretation of Section 2(c)(2)(d) of the Commodity Exchange Act and may cover retail cryptocurrency spot trading involving leverage, margin, or financing. The proposal also addresses the definition of “physical delivery,” focusing on whether customers actually own or control the assets in question. There is a 60-day comment period after the proposal is published in the Federal Register.