Maybe, but on one condition. Any nation that wishes to be exempted from Dodd-Frank's reach should be obliged to maintain a multi-billion dollar emergency reserve (akin to TARP and its ancillary programs) for use if another melt down occurs. The reserve should be off limits for any other purpose. This fund, of course, would not prevent another crisis but it would spread around the damage far more equitably than last time.
How many countries might be willing to take this course? There is only one way to find out. And would they submit to CFTC audits based on the Reaganesque policy of "trust but verify"? Only they can make the calculus whether this approach, or compliance with Dodd-Frank, is more intrusive.
The only thing that is certain is that universal agreement across nations on the details of a post-crisis policy is a very long shot (that's why we have armies). Even if doable, probably not in my life time (like trees, also a wasting asset). Opponents of the CFTC plan know this. In fact, some may be counting on it. Not the sort of dialogue that engenders trust.
If the CFTC staff can survive the multiple paper cuts that they will surely suffer as they read all of the comment letters, the outcome will likely satisfy no one completely. All I know is that every time I remove my shoes at airport security, it is because some dingbat tried to light his own foot on a flight to the Midwest some years back. If that is sufficient to alter our lives, surely the 2008 (and counting) global financial crisis deserves a more robust response than simply (forgive me) kicking the can down the road.