Under the CFTC's proposed voluntary federal registration framework, basic cryptocurrency spot-trading platforms would remain under state regulatory oversight rather than federal regulation

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

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.