The CFTC's proposed voluntary federal registration option specifically targets platforms offering leveraged, margin, or financed transactions to retail crypto traders

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

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.