• Key insight: After a much-vaunted crypto market structure bill failed in the Senate last month, the Commodity Futures Trading Commission is moving ahead with a federal framework for leveraged crypto markets, and is seeking industry input into what that framework should look like.
• Expert quote: “Today’s action is just the beginning. The CFTC is starting the process of addressing gaps in crypto-asset market structure and creating clear rules of the road for innovators and market participants.” — CFTC Chair Michael Selig
• Forward look: With the CLARITY Act stalled, the CFTC and SEC have said they will pursue their own rules to clarify their respective responsibilities and create clearer registration pathways for exchanges.

WASHINGTON — The…