CFTC'S NEW CRYPTO FRAMEWORK COULD FACE A 2028 ELECTION DEADLINE

Summary from the TLDR Crypto newsletter

The CFTC's advance notice on leveraged and margined crypto trading likely will not produce a proposal until late Q1 or early Q2 2027, with finalization not until early 2028, raising the risk the rule never gets finalized before the 2028 election cycle. Fast-tracking would raise the risk of a judge blocking it on procedural grounds, and legal challenges could extend beyond 2028. The proposal would require proof-of-reserves audits and give the CFTC authority over state-licensed platforms.