Under the Commodity Futures Trading Commission's proposed framework for a new 'crypto asset market' registration category, basic spot cryptocurrency exchanges may continue operating primarily under state money-transmitter licenses

The venues where digital assets trade, from Coinbase and Binance to decentralized protocols, with their listings, licenses, custody and failures.

Comprehensive legal regimes for digital assets, such as the EU's MiCA and proposed US market-structure bills, defining how tokens are issued, traded, and supervised.

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