According to CoinMeta, Galaxy Research interprets CFTC's proposal on Regulation CTX and Reg CAM, suggesting that the new framework allows crypto platforms to explore compliance models that integrate trading, custody, and settlement. On one hand, it attempts to clarify the standards for the 'actual delivery' of crypto assets, with users holding private keys being considered an important criterion for judgment. The relevant rules also cover topics such as DEFI front-end, smart contract auditing, on-chain reserve certification, and on-chain order books, which may provide clearer regulatory boundaries for self-custodied trading and regulated on-chain markets.