The CFTC has published the crypto market framework in the Federal Register. This is not a notice of proposed rulemaking—it is a draft rule. Published on October 13, it is based on Section 2(c)(2)(D) of the Commodity Exchange Act, aiming to resolve the core question: whether retail leveraged crypto trading constitutes a “future” and falls under federal commodities law [reference:6]. Comments are due by December 14—a full 60-day window. What does this mean? Retail leveraged products on U.S.-compliant exchanges may need to be redesigned under commodities law, and DeFi protocols offering financing functions are also within scope. TD Cowen’s assessment is more conservative: the final rule may not be settled until early 2028—but the direction is now set. For the next two months, the industry still has time to respond.