Law and Ledger is a news segment focusing on crypto legal news, brought to you by Kelman Law – A law firm focused on digital asset commerce.

The following opinion editorial was written by Alex Forehand and Michael Handelsman for Kelman.Law.

As digital asset markets mature, the Commodity Futures Trading Commission’s (CFTC) oversight has expanded beyond traditional commodity markets to include certain cryptocurrency activities. While most market participants are aware of the rules governing Commodity Pool Operators (CPOs), fewer appreciate the parallel framework for Commodity Trading Advisors (CTAs) under the Commodity Exchange Act (CEA)—and how these rules could apply to non-traditional market influencers such as Key Opinion Leaders (KOLs).

For crypto funds, trading educators, and influential social-media personalities, understanding when your activities cross the line into CTA territory is critical to avoiding inadvertent violations.

The Commodity Exchange Act defines a Commodity Trading Advisor broadly. A CTA is a person who, for compensation or profit, engages in the business of advising others, directly or indirectly, as to the value of or the advisability of trading in commodity interests.

Commodity interests include futures contracts, options contracts, swaps, certain retail leverages commodity transactions, and, increasingly, crypto derivatives such as Bitcoin or Ether futures, options, or perpetual swaps.

The definition is intentionally expansive. It covers not only discretionary account managers who trade on a client’s behalf, but also anyone providing commodity trading advice—whether through one-on-one consultations, newsletters, model portfolios, trading signal services, or algorithmic software.

Unless an exemption applies, CTAs must:

• Register with the CFTC through the National Futures Association (NFA);
• File Form 7-R for the firm and Form 8-R for each principal/associated person;
• Have principals or associated persons pass the Series 3 National Commodity Futures Examination (or obtain a waiver),
• Provide clients with a Disclosure Document containing prescribed risk disclosures and performance data;
• Keep required books and records;
• File periodic reports; and
• Adhere to NFA advertising and promotional standards.

Even unregistered CTAs relying on an exemption remain subject to the CFTC’s anti-fraud and anti-manipulation provisions.

In the digital asset space, Key Opinion Leaders—whether they are prominent Twitter personalities, YouTube content creators, Substack authors, or Discord community hosts—often share investment perspectives with large audiences. If those communications include advice about trading crypto derivatives (or other commodity interests) and are given for compensation, they may satisfy the CTA definition.

In the crypto space in particular, personalities of every variety eventually weigh in on where Bitcoin—or some other token—is headed. The regulatory question is not whether opinions are shared, but whether those opinions are provided for compensation, directly or indirectly, in a way that could be deemed commodity trading advice under the CEA.

Compensation need not come directly from subscribers. Paid sponsorships from trading platforms, affiliate marketing revenue, premium subscriptions, token grants, or indirect monetization tied to providing market commentary can be enough to trigger CTA status.

Examples Where KOL Activity Could Qualify as CTA Activity:

• Publishing a paid weekly newsletter recommending specific entries and exits for Bitcoin futures.
• Hosting a subscription-only Discord channel where members receive algorithmic trading signals for perpetual swaps.
• Posting paid YouTube videos that include targeted advice on Ether options strategies.
• Selling software or bots that generate automated commodity trading recommendations.

Importantly, even if a KOL never executes trades for followers, providing the advice alone—when tied to compensation—can be enough for the CFTC to view them as a CTA.

Some KOLs may avoid registration by qualifying for one of three primary exemptions:

The “de minimis” exemption under Rule 4.13(a)(3) is available for CTAs who advise fewer than 15 persons in a 12-month period, do not hold themselves out publicly as a CTA, and for whom CTA activity is not their primary business.

There are also exemptions for certain publishers and bona fide educators, though these are narrow and fact-specific.

Under CFTC precedent and case law, a person engaged solely in the business of publishing general market commentary may avoid CTA registration, provided that the content is:

• Impersonal, meaning it is intended for distribution to the public at large, not tailored to any specific client’s circumstances or account;
• Regularly disseminated as part of a publishing business (e.g., a newspaper, periodical, or online publication), rather than on an ad hoc basis for trading clients; and
• Editorially independent, meaning the content is not prepared for or influenced by a trading firm, broker, or other party with a direct financial interest in the trades being discussed

For example, a free weekly market blog that discusses macroeconomic trends in Bitcoin futures without recommending specific entry or exit points for particular individuals may fall within this safe zone. But if the same publisher starts sending “exclusive” trade alerts to paid subscribers with precise stop-loss levels, the activity likely crosses into CTA territory.

Similarly, a person who provides legitimate, general instruction about commodity markets or trading strategies—without directing or advising individual transactions—may qualify as a bona fide educator. This can include:

• Teaching courses on how futures markets function;
• Explaining how to read order books or calculate margin requirements; and
• Providing historical examples of strategies without urging adoption in current market conditions.

However, the CFTC will look past the “education” label to the substance of the activity. If an “educational” webinar includes real-time recommendations on when to buy or sell a specific perpetual swap, or if course materials include proprietary trading signals for current markets, the presenter may be acting as a CTA. The more the content blurs from teaching principles into prompting trades in actual instruments, the greater the risk of triggering registration requirements.

Even if content appears to be general and educational, the CFTC considers whether the person is holding themselves out to the public as a provider of trading advice and whether they receive compensation tied to that advice. This can include sponsorships from trading platforms, revenue-sharing arrangements, affiliate marketing, or direct subscription fees.

For KOLs, the line between lawful general commentary or education and regulated CTA activity can be thin—and often depends on context, intent, and the economic relationship with the audience. Because the CFTC applies these exemptions narrowly and evaluates them case-by-case, reliance on either the publisher or bona fide educator exemption should be preceded by a careful legal analysis of the actual content, compensation arrangements, and audience profile.

The CFTC has brought enforcement actions against individuals and entities who promoted trading systems or issued trading signals without proper CTA registration. For example, in the CFTC’s case against SchoolofTrade.com, operators of an online futures “education” service were found to be CTAs because their chat rooms and video commentary regularly provided specific trading recommendations, and they marketed themselves as experts of guiding profitable futures trades.

As crypto derivatives become more accessible—through CME futures, offshore exchanges, and on-chain perpetual protocols—the risk that KOL activity overlaps with regulated CTA functions increases. Even if a KOL’s audience is global, U.S. jurisdiction can attach if U.S. persons are solicited or able to access the content. Civil monetary penalties, disgorgement, and trading bans are all potential consequences of non-compliance.

The CEA’s definition of a Commodity Trading Advisor is far broader than many realize, and it extends beyond professional fund managers to anyone in the business of providing commodity trading advice for compensation. For KOLs in the digital asset space, that means certain monetized content, subscription services, or trading tools could trigger CTA registration requirements.

The CFTC has made clear that crypto trading advisors are not exempt from their duties as Commodity Trading Advisors, and former CFTC commissioner Kristin Johnson has even suggested heightened duties for CTAs providing investment advice in the digital asset space.

With the CFTC actively policing unregistered CTA activity in crypto markets, KOLs, content creators, and influencer-educators should seek legal advice to determine whether their activities require CFTC registration or qualify for an exemption. Building a compliant business model now can prevent costly enforcement actions later.

At Kelman PLLC, we regularly advise clients on whether CTA obligations apply, and—if they do—on efficient registration strategies, exemption eligibility, and compliance programs that can withstand regulatory scrutiny. The CFTC and NFA have been increasing their oversight of digital asset derivatives, and proactive compliance is no longer optional.

If you are considering operating as a paid KOL in the crypto space—or otherwise currently providing investment advice related to crypto products—now is the time to ensure you are aligned with the Commodity Exchange Act framework. If you believe we could be of help, or for more information, please contact us here.

This article originally appeared at Kelman.law.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。