CFTC asks fintech firms where its rules add friction

Fintech firms that want to plug into derivatives markets often have to pass through a long chain of regulated firms first. The Commodity Futures Trading Commission, or CFTC, is now asking where its own rules, guidance, orders and no-action letters may be adding unnecessary friction.

The request is aimed at partnerships between fintech firms and the people and platforms that already sit inside the federal market structure, including futures commission merchants, introducing brokers, swap dealers, commodity pool operators, commodity trading advisors, designated contract markets, swap execution facilities, derivatives clearing organizations and swap data repositories.

The firms in the middle

The CFTC is not changing the rulebook yet. It is trying to identify the places where an idea gets stuck before it becomes a live product, whether that means a longer application, a harder authorization or a requirement that no longer fits how newer technology firms operate.

That matters because the agency is not limiting itself to formal regulations. It is also asking about staff letters and other regulatory materials that could be revised, trimmed or clarified if they are making it harder for fintech firms to enter partnerships with CFTC-regulated market infrastructure and intermediaries.

A cleanup that could shape access

The request was issued under Executive Order 14405, which calls for a review of federal financial regulation with an eye toward innovation and competition. The CFTC says the responses could help it decide whether future guidance, interpretations, policy statements or regulations should be streamlined.

For firms trying to move from pilots to regulated markets, the practical question is whether some of the commission’s guardrails are protecting the system or simply slowing entry. Comments are due July 9, 2026.