According to CoinMeta, the Commodity Futures Trading Commission (CFTC) has initiated a rule-making process for the retail leveraged crypto market and is publicly seeking public opinion in order to consider a more comprehensive federal framework. On October 5th, the agency issued a proposal notice regarding retail commodity transactions involving crypto assets, marking the beginning of the consultation process, which is not an immediately effective final licensing regime. The CFTC aims to establish a unified market framework that addresses issues such as intermediaries, customer protection, market integrity, and the structure of regulated trading venues. Although no licenses have been issued yet, this procedural status is a key part of the process, and future rules may be influenced by public opinion.