Wu Blockchain: CFTC Chair Highlights BTC, ETH, SOL, XLM, XTZ and XRP as "Digital Commodities"

CFTC Chair Michael Selig expanded on the previously announced Regulation CTX and Regulation CAM framework, outlining proposed rules for retail crypto activity. Under the draft approach, covered retail crypto transactions would generally need to be routed through futures commission merchants (FCMs). The proposal also includes requirements covering customer asset segregation, capital, anti-money laundering controls, and proof-of-reserves standards. For on-chain activity, the CFTC plans to clarify that transferring crypto to a user's external, noncustodial wallet within 28 days would typically meet the "actual delivery" exception. Selig added that the agency is evaluating a longer-term regulatory posture for developers who only publish software and do not solicit or accept orders, control execution, or hold customer assets. He also referenced the CFTC-SEC joint crypto asset taxonomy, which lists BTC, ETH, SOL, XLM, XTZ and XRP as examples of "digital commodities."