Nonetheless, the CFTC has jurisdiction over offerings of margined, leveraged or financed commodity spot trading to retail investors. Outside the U.S., most crypto exchanges allow retail investors to trade crypto assets on margin. Within the U.S., crypto exchanges must register with the CFTC as a futures exchange to offer crypto-asset margin trading to retail investors. Additionally, a CFTC-registered futures commission merchant must provide the margin, and these transactions must be cleared by a CFTC-registered clearinghouse. The CFTC issued interpretive guidance clarifying the circumstances under which an exchange can qualify for the narrow “actual delivery” exemption from these requirements, but few, if any, have managed to find a way to do so.



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