CFTC Releases Spring 2026 Regulatory Agenda

On July 7, 2026, the Office of Information and Regulatory Affairs (“OIRA”) released the Commodity Futures Trading Commission’s (the “CFTC”) Spring 2026 Unified Agenda of Regulatory and Deregulatory Actions (the “CFTC 2026 Regulatory Agenda”).¹ The CFTC 2026 Regulatory Agenda outlines the CFTC’s anticipated rulemaking priorities and provides insight into Chairman Michael Selig’s policy direction through a combination of continuing and new rulemaking initiatives.

Key Highlights of the CFTC 2026 Regulatory Agenda

The CFTC 2026 Regulatory Agenda’s principal themes focus on emerging technologies, reducing regulatory burdens applicable to commodity pools and registered funds, and modernizing derivatives market infrastructure and reporting requirements. Many of the initiatives included in the CFTC 2026 Regulatory Agenda are continuations of proposals that appeared in the Spring 2025 Regulatory Agenda.² Notably, there is a new proposal relating to blockchain and digital assets and last year’s concept release on the appropriate regulatory treatment of event contracts has been upgraded to a formal proposed rulemaking on prediction markets. The CFTC 2026 Regulatory Agenda also includes several dealer-focused initiatives affecting derivatives market infrastructure and swap reporting.

Emerging Technologies

The CFTC’s emerging technology initiatives reflect an effort to develop clearer regulatory frameworks for novel products falling under the CFTC’s jurisdiction. Consistent with Chairman Selig’s emphasis on future-proofing CFTC regulation and providing fit-for-purpose regulatory frameworks,³ several proposals are intended to provide greater certainty to market participants while accommodating technological innovation.

• Blockchain and Digital Assets: The CFTC is considering amendments to its regulations to account for blockchain-based trading systems and digital assets. The proposal is listed as economically significant and aligns with Chairman Selig’s public emphasis on digital asset market development, modernization of regulatory frameworks and coordination with the SEC on digital asset oversight.
• Prediction Markets: The CFTC is considering rules relating to prediction markets intended to clarify the regulatory framework applicable to event contracts and provide greater certainty to market participants. The proposal reflects the progression from the CFTC’s prior review of event contracts toward a more concrete regulatory framework governing prediction markets.

Fully Collateralized Binary Options: The CFTC is considering codifying staff no-action relief relating to reporting and recordkeeping requirements applicable to fully collateralized binary options. The proposal would formalize existing regulatory relief currently reflected in staff guidance.⁴

Together, these initiatives indicate that the CFTC intends to address emerging technologies and products through rulemaking designed to provide greater regulatory clarity while preserving market integrity and customer protection.

The CFTC has cited the no-action relief in CFTC Staff Letters Nos. 17-31, 17-32, 21-11, and 24-09 concerning a failure to comply with certain Commodity Exchange Act and/or related CFTC regulations regarding reporting of fully-collateralized binary options to a swap data repository.

Investment Management Regulation

Several items are particularly relevant to commodity trading advisors (“CTAs”) and commodity pool operators (“CPOs”) that navigate overlapping SEC and CFTC regulatory regimes. These proposals reflect the CFTC’s broader efforts to reassess existing compliance obligations and reduce regulatory burdens where appropriate.

• Compliance Requirements for Commodity Pool Operators on Form CPO-PQR: The CFTC is considering amendments to compliance requirements applicable to CPOs on Form CPO-PQR. According to the agenda abstract, the staff is considering recommending amendments to “revalidate and narrow” the “hedge fund” definition and related reporting, including by carving out certain entities from the definition.
• Commodity Pool Operator Exemptions for Mutual Funds: The CFTC is considering rescinding certain registration requirements for mutual funds, citing CFTC Rule 4.5, which excludes from the definition of “CPO” certain otherwise regulated persons. Notably, at a September 2025 SEC-CFTC roundtable on regulatory harmonization, SEC Commissioner Mark Uyeda cited the 2012 changes to CFTC Rule 4.5 as an example of regulatory duplication that resulted in dual registration, duplicative reporting and increased compliance costs for certain SEC-registered funds. While the scope of the CFTC’s proposal remains to be seen, Commissioner Uyeda’s remarks provide insight into the broader harmonization considerations that may be taken into account in the proposal.⁵
• Cross-Border Application of Swap Dealer and Security-Based Swap Dealer Requirements: The CFTC is considering amendments relating to the cross-border application of swap dealer requirements. The proposal reflects the CFTC’s effort to clarify a framework that currently relies on a complex combination of guidance, exemptions, interpretations and rules, including multiple U.S. person definitions. Although directed principally at swap market participants, the proposal may be relevant to advisers managing globally invested funds that engage in cross-border derivatives activities.
• Definition of “Small Entity” for Purposes of the Regulatory Flexibility Act: The CFTC continues to consider revisions to the definition of “small entity” for purposes of the Regulatory Flexibility Act with respect to major categories of entities subject to the CFTC’s jurisdiction.

Together, these initiatives reflect the CFTC’s focus on recalibrating compliance obligations applicable to CTAs and CPOs, reducing duplicative regulatory requirements and clarifying the regulatory framework applicable to investment advisers that participate in derivatives markets.

Conclusion

The CFTC 2026 Regulatory Agenda reflects two themes particularly relevant to the investment management industry: providing clearer regulatory frameworks for emerging technologies and modernizing regulatory requirements applicable to commodity pools and derivatives market participants. Investment advisers and other related market participants should closely monitor developments relating to blockchain-based trading systems, prediction markets, Form CPO-PQR reporting, mutual fund CPO exemptions and cross-border derivatives regulation, each of which could have meaningful implications for fund operations and compliance programs.

Seward & Kissel will continue to monitor these developments and is available to assist clients in evaluating the potential impact of future CFTC rulemakings, preparing comments on proposed rules and assessing resulting changes to trading, reporting, registration, compliance and operational frameworks.

¹See CFTC, Agency Rule List – 2026.

²See CFTC, Agency Rule List – 2025.

³See CFTC Chairman Michael Selig, America’s Financial Markets are Ready for a Golden Age (January 20, 2026).

⁴The CFTC has cited the no-action relief in CFTC Staff Letters Nos. 17-31, 17-32, 21-11, and 24-09 concerning a failure to comply with certain Commodity Exchange Act and/or related CFTC regulations regarding reporting of fully-collateralized binary options to a swap data repository.

⁵See CFTC, Regulatory Disruption: Remarks at the SEC-CFTC Roundtable on Regulatory Harmonization Efforts (Sept. 29, 2025).