The Commodity Futures Trading Commission's regulatory proposal targets cryptocurrency exchanges that offer leveraged, margined, or financed retail trading activity

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

Futures, options, and perpetual swaps tied to digital-asset prices, letting traders hedge or lever positions and often dwarfing spot volumes.

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