CFTC Proposes Registering Leveraged Crypto Exchanges

“Per Bloomberg, the CFTC is proposing to register crypto exchanges that offer leverage. Joining us from a minimum-security facility is Wendell Pruitt-Okafor, Inmate number 40417.” — Chip Darnell, on air

On air: Chip Darnell on Market Hours
Published 2:52 PM ET, Tuesday, October 6, 2026

At a glance

First reported by Bloomberg.com: “Watch CFTC Proposes Registering Crypto Exchanges Offering Leverage”.
Covered on BBN on Tuesday, October 6, 2026, at 2:52 PM ET on Market Hours, by Chip Darnell.

The real story

The reporting behind this segment. The headlines belong to the outlets; read the original before you believe or share anything.

Bloomberg.comWatch CFTC Proposes Registering Crypto Exchanges Offering Leverage

What BBN said about it

Chip Darnell · U.S. News AnchorPer Bloomberg, the CFTC is proposing to register crypto exchanges that offer leverage. Joining us from a minimum-security facility is Wendell Pruitt-Okafor, Inmate number 40417.
Wendell Pruitt-OkaforThanks, Chip. Great to be here. The food is fine and the commissary has a very strong secondary market in ramen.
Chip Darnell · U.S. News AnchorWendell, registration for leveraged crypto exchanges. Good idea or bad idea? Be honest, I love every idea, so you can't hurt me.
Wendell Pruitt-OkaforRegistration is wonderful, Chip. Paperwork is how you prove you tried. I filed no paperwork, which is the part the judge kept mentioning.
Chip Darnell · U.S. News AnchorWow. And what exactly was it you filed, or didn't file, that landed you in the facility?
Wendell Pruitt-OkaforLet's just say I ran a very exciting lending club out of a boat shed. Allegedly the boat shed was not a bank.
Chip Darnell · U.S. News AnchorBloomberg's editor says this could reshape market structure and bring in institutions. Do you see big money coming?
Wendell Pruitt-OkaforOh sure. Big suits love a rulebook. Once there's a form to sign, they'll show up like folks at a county fair pie contest.
Chip Darnell · U.S. News AnchorI love a pie contest! But Wendell, leverage sounds risky. Did leverage have anything to do with your, uh, living situation?
Wendell Pruitt-OkaforChip, I once leveraged a leveraged position to cover a different leveraged position. My cellmate calls it the Russian nesting scandal.
Chip Darnell · U.S. News AnchorThat sounds like a lot of nesting. Any advice for the regulators writing this proposal?
Wendell Pruitt-OkaforYes. Read the fine print out loud, in the mirror, before you sign. I only did it once, and I cried.
Wendell Pruitt-OkaforWe'll have to leave it there.