Bollcoin reported on October 19, citing CoinDesk, that the U.S. Commodity Futures Trading Commission (CFTC) has proposed a regulatory framework called Reg CM, allowing cryptocurrency exchanges to opt in to unified federal-level oversight rather than continuing to face fragmented state licensing requirements. Michael Passalacqua, senior advisor to CFTC Chairman Selig, explained the framework. It remains unknown whether the industry will adopt this voluntary mechanism.