Under the CFTC's proposed voluntary federal registration rules, participating crypto exchanges must separate customer assets from company funds, adhere to anti-fraud and market manipulation rules, segregate broker, exchange, and clearing functions, and meet federal cybersecurity standards

How governments worldwide set rules for digital assets through legislation, agency rulemaking, licensing regimes and court fights.

Licensing, custody, and market-conduct rules for platforms where people trade digital assets, shaped by collapses like FTX and jurisdictional disputes between regulators.