The Commodity Futures Trading Commission (CFTC) is the US federal agency overseeing derivatives markets including forex, while the National Futures Association (NFA) is the industry self-regulatory body that registers and monitors individual forex dealers and brokers operating in the US. Together they impose some of the strictest retail conditions globally, including a leverage cap of 50:1 on major pairs, no hedging on the same instrument, and a ban on CFDs for US retail clients entirely.
Because of these restrictions, most international CFD brokers don't accept US retail clients, and US traders are largely limited to NFA-registered forex dealers or exchange-traded futures instead.
NFA & CFTC
The US regulators (CFTC federal agency, NFA self-regulator) whose strict rules include a 50:1 leverage cap and a ban on CFDs for retail clients.
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