What rules in the US and EU now cover crypto trades on regulated exchanges?

"CFTC Moves To Set Rules For Leveraged Crypto Trading In The U.S."

"Michael Selig, Chair of the Commodity Futures Trading Commission, at the Bitcoin 20..."

"The plan lets registered platforms offer margined, leveraged or financed retail trades without forcing all crypto spot trading onto CFTC-registered venues."

"The President signed the joint resolution of disapproval into law as Public Law 119-5 on April 10, 2025."

"regarding information reporting and the determination of"

"exchanges that register under the new framework could let retail customers trade on a margined, leveraged or financed basis, something state-licensed spot platforms cannot offer."

"Under Public Law 119-5 and by operation of the CRA, the Final Rule has no force or effect."

"listed spot cryptocurrency products will begin trading for the first time in U.S. federally regulated markets on CFTC registered futures exchanges."

"DATES: These corrections are effective on September 9, 2024."

"On March 17, 2026, the Securities and Exchange Commission (SEC or the Commission), joined by the Commodity Futures Trading Commission (CFTC), issued a comprehensive interpretation (the Interpretive Release) clarifying how federal securities laws apply to cryptoassets and transactions involving cryptoassets."

"issued under sections 1001, 1012, 3406, 6045, 6045A, 6045B, 6050W,"

"The Final Rule contained amendments to the Income Tax Regulations (26 CFR part 1) under section 6045 of the Internal Revenue Code to require certain decentralized finance industry participants to file and furnish information returns as brokers."

"The Commission classifies cryptoassets into five categories based on their characteristics, uses, and functions:"

"A person solely engaged in the business of validating distributed ledger transactions, through proof-of-work, proof-of-stake, or any other similar consensus mechanism"

"On March 17, 2026, the Securities and Exchange Commission ( SEC ) and the Commodity Futures Trading Commission ( CFTC ) jointly issued an interpretation addressing how the federal securities laws apply to certain"

"Such transactions are regulated as if they were futures contracts and therefore must be transacted on a DCM. Importantly, the CFTC does not currently exercise supervisory authority over non-security spot cryptoasset contracts other than those captured under Section 2(c)(2)(D)."

"which does not supersede or replace the US Supreme Court"

"explore whether trading platforms authorized under the EU Markets in Crypto-Assets Regulation (MiCA)"

"The SEC classifies crypto assets into five categories based on their characteristics, uses and functions:"

"Well-known examples confirmed in the Joint Interpretation as digital commodities include Bitcoin, Ether, Solana, XRP, Cardano and Dogecoin, among others."

"As of the date of the Joint Interpretation, each of the named digital commodities (that is, Bitcoin, Ether, Solana, XRP and others) underlies a futures contract that has been made available to trade on a designated contract market operating under the regulatory oversight of the CFTC"

"The Securities and Exchange Commission (“Commission” or “SEC”) issues herein an interpretation regarding the application of the Federal securities laws to certain types of crypto assets and certain transactions involving crypto assets."

"The Securities and Exchange Commission (SEC) today issued an interpretation clarifying how the federal securities laws apply to certain crypto assets and transactions involving crypto assets."

"The Securities and Exchange Commission regulates crypto assets that function as investment contracts, while the Commodity Futures Trading Commission regulates digital commodities and the derivatives markets built on them."

"The Commodity Futures Trading Commission (“CFTC”) provides herein guidance relating to that interpretation."

"The Commodity Futures Trading Commission (CFTC) joined the interpretation to provide guidance that the CFTC and its staff will administer the Commodity Exchange Act consistent with the Commission’s interpretation."

"Last Reviewed or Updated: March 23, 2026"

"It also acknowledges what the former administration refused to recognize – that most crypto assets are not themselves securities."

"Designated contract markets (DCMs) handle exchange-traded derivatives on these assets, requiring CFTC registration and ongoing compliance."

"Provides a coherent token taxonomy for digital commodities, digital collectibles, digital tools, stablecoins, and digital securities."

"a token offered initially as part of an investment contract can later cease to be subject to that contract, once the issuer’s promises are fulfilled and the network no longer depends on centralized efforts"

"The European Union's Markets in Crypto-Assets Regulation (MiCA) is entering its most consequential phase, with the grandfathering transition period set to expire on July 1, 2026. Any crypto-asset service provider operating in the EU without a MiCA-compliant license will be forced to cease operations after this critical date"

"Clarifies the application of federal securities laws to airdrops, protocol mining, protocol staking, and the wrapping of a non-security crypto asset."

"MiCA represents the world's first comprehensive, multi-national crypto regulatory framework, covering all 27 EU member states under a single passport license"