According to CoinMeta, the latest ANPRM (Advanced Notice of Proposed Rules) aims to establish a framework for the structure of the crypto market, focusing on spot trading and creating a new category of "crypto asset markets." The proposal explores a voluntary federal registration path that allows spot exchanges to opt out of the framework, while retaining state-level funds transfer licenses if they do not offer leverage. The former chairman of CFTC stated that this approach provides exchanges with a clear and voluntary path to operate in accordance with a federal rule manual when customers use borrowed funds for trading. The authority obtained by CFTC in 2010 supports this proposal, as court rulings have confirmed that Bitcoin and similar assets are commodities. Some lawyers argue that this ANPRM represents a "smart" interpretation of Section 2(c)(2)(d) of the Commodity Exchange Act, which may cover retail crypto spot trading that offers leverage. The proposal also considers whether customers have control over the assets, rather than relying solely on book claims. Comments on the proposal will be accepted within 60 days after it is published in the Federal Register.