The U.S. Commodity Futures Trading Commission has issued a formal request for public input on how it should regulate crypto assets, a step that could shape the first comprehensive federal framework for digital asset markets under the derivatives regulator's jurisdiction.

Law firm WilmerHale flagged the consultation in a client alert, noting that the CFTC is seeking comment from market participants, exchanges, custody providers and other stakeholders on the design of a crypto asset regulatory framework. The request signals that the agency is moving beyond case-by-case enforcement toward structured rulemaking for digital asset markets.

The CFTC already holds authority over commodity derivatives, including bitcoin and ether futures listed on designated contract markets. Historically, the agency's reach over spot crypto markets has been limited to anti-fraud and anti-manipulation enforcement. A public consultation on a broader framework suggests the agency is testing the boundaries of that mandate and identifying where Congress or existing statutes allow it to extend oversight.

What could the consultation cover?

WilmerHale's summary indicates the CFTC is soliciting views across the full arc of market structure questions that regulators typically ask when constructing a regime for a new asset class:

• Which crypto asset activities should fall under CFTC registration categories, such as futures commission merchants, swap dealers or designated contract markets;
• How spot and derivatives markets for the same underlying assets should interact;
• What custody, capital and risk-management standards should apply to intermediaries handling client assets;
• How the agency should coordinate with the Securities and Exchange Commission, whose jurisdictional boundary with the CFTC over digital assets remains contested.

The exact scope and wording of the individual questions were not detailed in the alert, and commenters will need to consult the CFTC's published notice for the full list.

Why does an RFI matter before rulemaking?

A request for information is not a proposed rule. It precedes one. For the CFTC, the device serves two purposes: it builds an administrative record that can withstand legal challenge, and it maps industry consensus on questions where the agency lacks direct technical expertise.

For crypto businesses, RFIs are a rare formal channel to argue for operational definitions — which tokens count as commodities, which activities trigger registration, and which compliance obligations are workable. Positions staked out in comment letters frequently resurface, sometimes verbatim, in the eventual proposed rules.

The consultation also lands amid a broader policy shift in Washington. Congress has debated bills that would explicitly divide crypto oversight between the CFTC and the SEC, and the CFTC has simultaneously wound down several enforcement actions from the prior administration. A structured framework, rather than litigation, is emerging as the preferred instrument of market supervision.

What should firms do now?

Companies with crypto exposure — exchanges, broker-dealers, futures commission merchants, custody providers and trading firms — should treat the comment window as a compliance-planning event. The positions the agency adopts on registration triggers, custody standards and market-structure boundaries will determine which existing business lines require new licenses, capital or disclosure regimes.

WilmerHale advises clients active in digital asset markets to engage during the public comment process, since the framework that emerges will set the operating terms for CFTC-jurisdictional crypto activity for years.

Interested parties should monitor the CFTC's website and the Federal Register for the formal notice, its specific questions and the filing deadline for comments, which will open the clock on the agency's framework-building process.