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1Scan for outdated or missing drivers - takes under a minute2Clear out junk files and repair common Windows errors3Fix the driver behind crashes, sound loss and screen glitchesBetter Markets says the CFTC is the “wrong agency” to regulate retail crypto because it believes the Commission lacks the SEC’s investor-protection mandate and would provide weaker safeguards. The dispute follows a CFTC rulemaking announcement on October 5, 2026—but that announcement opened a request for public comment, not a final rule, and it does not put every crypto asset or exchange under CFTC regulation.
What the CFTC announced—and what it did not
On October 5, 2026, the Commodity Futures Trading Commission (CFTC) announced an advanced notice of proposed rulemaking (ANPRM). It is seeking public comment on a possible framework for certain retail commodity transactions involving crypto assets under Section 2(c)(2)(D) of the Commodity Exchange Act. The agency is also considering a possible subcategory of designated contract market registration called a “crypto asset market.” The CFTC’s announcement describes a 60-day comment period from publication in the Federal Register; it does not establish that publication date or a calendar deadline.
An ANPRM is an early rulemaking step: it invites input as the agency considers a regulatory approach. The CFTC has not adopted a final rule through this announcement, and it does not say that all crypto exchanges must register with the CFTC. Chairman Michael S. Selig described the contemplated rules as applying to registered exchanges offering certain crypto assets, and framed the approach as an optional federal framework rather than a requirement that all crypto assets trade on CFTC-registered platforms. Those are the agency’s stated position and proposal, not a settled outcome.
Why Better Markets objects
Better Markets responded the same day. Benjamin Schiffrin, its director of securities policy, argued that the CFTC is ill-suited to regulate retail crypto transactions because it lacks the SEC’s investor-protection mandate and, in the group’s view, offers fewer protections. Schiffrin said: “Because the CFTC’s rules lack the protections that apply when investors trade securities regulated by the SEC, the CFTC is the wrong agency to regulate transactions involving crypto assets by retail customers.”
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Better Markets also challenges the legal basis for the CFTC’s approach. Schiffrin argued that the statutory provision the Commission invoked addressed fraud in precious-metals markets, and questioned whether it supports the proposed framework for retail crypto transactions. That is an advocacy group’s legal argument—not a court ruling or a settled determination that the CFTC lacks authority.
The investor-protection argument
The group’s concern is that CFTC market rules would not reproduce the securities-law protections retail investors associate with trading stocks. In a July 2025 fact sheet discussing proposed legislation, Better Markets pointed to best execution, fiduciary duties, and Securities Investor Protection Corporation (SIPC) protection as examples of safeguards it said crypto investors would lack under that bill. That document concerned the 2025 legislation; it does not establish which, if any, of those protections would be included in final rules arising from the 2026 ANPRM.
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The CFTC’s case for making rules
Selig says clear rules could provide standards and consumer safeguards in advance, rather than relying only on enforcement after misconduct. He cited the FTX collapse and asserted that customer property at an FTX CFTC-registered subsidiary remained segregated and secure. That is the Chairman’s account; it does not independently show that the framework under consideration would prevent similar failures.
Selig summarized the agency’s rationale this way: “The American people deserve clarity, certainty, and consumer protections in the crypto asset markets and the agency is committed to delivering this by incorporating crypto asset transactions into its uniform national market regulatory framework.”
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Why the distinction between spot crypto and derivatives matters
The dispute is not simply a question of whether the SEC or CFTC regulates “all crypto.” The relevant questions include what kind of transaction is involved, which statutory authority applies, and what protections a particular framework would provide.
In an August 2021 statement, then-CFTC Commissioner Dawn D. Stump described the agency’s traditional role this way: “The CFTC does not regulate commodities (regardless of whether or not they are securities); rather, it regulates derivatives—and this is true for digital assets just as for any other asset class.” That statement is historical context, not a decision on the authority asserted in the 2026 ANPRM. It also cautions against assuming that calling an asset a commodity gives the CFTC comprehensive authority over every spot-market transaction.
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In September 2025, SEC and CFTC staff said registered exchanges were not prohibited from facilitating trading in certain spot crypto commodity products and described coordination between the agencies. Their statement illustrates that product type and agency boundaries matter; it does not establish broad CFTC oversight of every spot crypto transaction.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How to read the dispute
- Transaction: The CFTC’s announcement concerns certain retail commodity transactions involving crypto, with the agency emphasizing transactions involving margin, leverage, or financing. It should not be read as covering every ordinary spot trade.
- Authority: The CFTC says the relevant transactions fall within its authority; Better Markets disputes the statutory basis. Neither position is a court ruling.
- Protections: Better Markets argues that CFTC rules would offer weaker retail safeguards than the SEC framework. The final content of any rules remains undecided.
- Status: The October 5 action began a comment-seeking rulemaking process. It did not put a final framework into effect.
The precise rules, their scope, and the calendar deadline for comments remain unsettled in the announcement materials. Future rulemaking, legislation, or legal interpretation could affect the outcome.
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Sources and context
- Better Markets’ October 5, 2026 response.
- CFTC ANPRM announcement, Release 9307-26.
- CFTC Chairman Michael S. Selig’s October 5, 2026 statement.
- CFTC Commissioner Dawn D. Stump’s August 23, 2021 statement on digital-asset authority.
- SEC-CFTC staff statement on certain spot crypto products, September 2, 2025.
- Better Markets’ July 14, 2025 fact sheet on proposed crypto legislation.
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