BREAKING: CFTC Chair Mike Selig isn't hiding his frustration with Congress. "I'm disappointed that Congress failed to deliver the Clarity Act to the President's desk." "But we will help him deliver it using our existing statutory authorities." Monday, the CFTC published two proposals. Regulation CTX. Regulation CAM. They cover how commodities law applies to crypto, and a new type of exchange that registers with the CFTC. It's an Advance Notice of Proposed Rulemaking. Public comment comes first. Nothing is final. Here's what it does. Crypto exchanges can opt in to federal oversight. Leveraged crypto trading gets a path under CFTC rules. Bitcoin and Ether fall under CFTC authority. Here's what it can't do. "Only Congress has the authority to mandate that all crypto asset exchanges register with the Commission." Plain spot exchanges stay with the states. That was the whole point of CLARITY. The CFTC can build the federal option. It can't force anyone into it. Selig says this is "just the beginning." Rules can be rewritten by the next chair. A law can't. Vote failed. Rulemaking started.