Scenario description
Assume that by the end of the comment-window observation period, the CFTC materially narrows or pauses the reported retail crypto leverage framework before implementation. The operational change may include withdrawing or suspending the Regulation CTX/Regulation CAM pathway, dropping retail leveraged or margined spot transactions from the active proposal, excluding a broad set of retail-facing intermediaries or products, removing the 28-day non-custodial-wallet exemption concept, or announcing that the agency will not proceed without congressional action or a substantially different rulemaking. The exact compliance-cost effects, excluded assets, margin terms, and trading volumes are not specified in the supplied evidence and should remain unknown inputs.