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The Commodity Futures Trading Commission has announced a roundtable discussion on May 25 to deliberate on a ‘non-intermediated’ model of crypto derivatives trading. This announcement was sparked by FTX US’s recent proposal to modify its Derivatives Clearing Organisation (DCO) license. Under the proposed ‘non-intermediated’ model, the current Futures Commission Merchant (FCM) intermediary would be eliminated, which would streamline trading by reducing the number of times assets change hands, each layer of which entails separate requirements for liquidity holding. According to the CFTC, “A number of registered entities have discussed with CFTC staff proposals to offer ‘non-intermediated’ or direct trading and clearing of margined products to retail customers.” https://www.coindesk.com/policy/2022/04/27/cftc-sets-may-roundtable-to-weigh-ideas-sparked-by-ftxs-derivatives-push/

The Digital Commodity Exchange Act of 2022 (DCEA) proposed by a bipartisan group of US lawmakers aims to grant the Commodity and Futures Trading Commission (CFTC) greater influence and control over the crypto spot market. The bill would define "digital commodity" and empower the CFTC to regulate corporations that issue or allow consumers to trade these sorts of tokens, while the Securities and Exchange Commission (SEC) would continue to regulate tokens that are subject to US securities regulations. According to the bill, "The term 'digital commodity' means any form of fungible intangible personal property that can be exclusively possessed and transferred person to person without necessary reliance on an intermediary," These digital commodities can only be traded on CFTC-registered exchanges. Equity, debt interests, and securities are expressly excluded from being included within the definition of a digital commodity. https://www.coindesk.com/policy/2022/04/28/us-lawmakers-reintroduce-bill-to-give-cftc-crypto-spot-market-oversight/