regulation and policy
CFTC’s new crypto framework could face 2028 election deadline, says TD Cowen
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TD Cowen said the CFTC’s crypto trading rulemaking may not be in place until early 2028, with one note placing a formal proposal in late Q1 or early Q2 2027. The proposed work includes leveraged and margined trading rules, and one CFTC notice also outlines draft crypto market and transaction frameworks under existing commodity law.
Key claims & sources
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TD Cowen said the CFTC’s newly proposed rules for leveraged and margined crypto trading may arrive too late as the 2028 election cycle nears.
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A TD Cowen note placed the formal proposal window for the new crypto trading rules in late Q1 or early Q2 of 2027.
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Jaret Seiberg said the rulemaking could face legal challenges and fail to take effect as the 2028 election cycle approaches.
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The CFTC published an advance notice of proposed rulemaking in the Federal Register on October 13, 2026, under docket RIN 3038-AF80.
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That notice outlined two draft frameworks, Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets, under Section 2(c)(2)(D) of the Commodity Exchange Act.
Market reaction i
Total crypto marketall crypto assets combined
no single asset in the event: read against the whole market
+0.5%
2 h before
-2.4%
4 h after
$2.8Tmarket cap at publication
12data points
Coverage timeline
Every piece in order, with the time its news medium declares — if it is not believable we use ours and say so — and what it added to what was already known at that point. Arriving first is not the same as adding something.
first
The Block
scoop
Oct 12 20:53
Breaks the event
+4 min
Crypto Briefing
context
Oct 12 20:58
Crypto Briefing
context
Its angle: instability, uncertainty, completion
+5 h 47 m
Oct 13 02:40
CR
Cryptopolitan
context
Its angle: administration, cryptopolitan, presidential; with quotes
+23 h
Crypto Economy
context
Oct 13 19:53
Crypto Economy
context
Its angle: cryptocurrencies, consultation, participants; with quotes
Has this happened before?
| When | What happened | Figure |
|---|---|---|
| 26 days ago | CFTC’s new crypto market plan faces scrutiny after Loper Bright event | 1 actors in common · 2 news media |
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| 27 days ago | Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets event | 1 actors in common · 3 news media |
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