Douro Labs, a core contributor to @PythNetwork, has responded to the @CFTC's request for input on future rules for crypto asset markets. The company argues that when exchanges use external prices to set margin requirements and trigger liquidations, they should draw those prices from multiple sources rather than a single venue.
Multi-Source Pricing and the 2021 Price Gap
The letter points to an episode in 2021, when Bitcoin ($BTC) traded at $8,200 on BinanceUS while its price was above $63,000 on other venues. Douro Labs cites the case as an example of the risks of letting one exchange's price determine liquidations.
Douro Labs also asks the agency to assess oracles based on how they are built, rather than whether they appear on a fixed list of approved providers. The company argues that a fixed list would entrench the largest incumbents. Pyth Pro, the price service Douro Labs develops and operates for the $PYTH network, already follows this approach. In a separate CFTC filing, Douro Labs described Pyth Pro as an aggregated reference-price service that calculates one real-time reference price for each supported instrument.
The CFTC Rulemaking Context
On October 5, 2026, the CFTC issued an advance notice of proposed rulemaking. Law firm Sidley says the notice sets out a proposed framework for certain retail crypto asset transactions, including Regulation Crypto Asset Transactions (Regulation CTX) and Regulation Crypto Asset Markets (Regulation CAM). The latter envisions a new subcategory of designated contract market registration for exchanges that offer only those transactions.
Liquidations are directly covered by the consultation. Greenberg Traurig noted that the CFTC is seeking input on who should be permitted to provide financing, how margin requirements should be set, which assets should qualify as collateral, and how liquidations should operate.
The ANPRM is an early step, not a proposed rule. As one trade report noted, the agency is seeking public comment on a possible framework rather than establishing final requirements.
Douro Labs has actively submitted comments to US regulators. It previously filed with the CFTC on prediction markets and on 24/7 trading and perpetual derivatives. In September 2026, it commented on the agency's request concerning compute derivatives, according to its filing on regulations.gov.
