Commodity Futures Trading Commission (CFTC) Acting Chairman Caroline D. Pham announced that, for the first time, spot cryptocurrency products will be traded on U.S. federally regulated markets through CFTC-registered futures exchanges. This move is described as a step forward in efforts to establish the United States as a leader in digital asset markets.
Pham said, “The CFTC has a rich history of welcoming responsible innovation on futures exchanges by balancing regulatory flexibility with core principles that safeguard both institutional and retail traders. Thanks to President Trump’s leadership, this Administration has developed a comprehensive all-of-government plan for America to reclaim its place as the world leader in digital asset markets, and the CFTC has a central role to play.” She continued, “Recent events on offshore exchanges have shown us how essential it is for Americans to have more choice and access to safe, regulated U.S. markets. Now, for the first time ever, spot crypto can trade on CFTC-registered exchanges that have been the gold standard for nearly a hundred years, with the customer protections and market integrity that Americans deserve."
Pham addressed previous legislative efforts: “Fifteen years ago, Congress passed important reforms to strengthen U.S. markets after the great financial crisis, including the requirement that leveraged retail commodity trading can only occur on futures exchanges. But the CFTC never implemented this critical customer protection reform by providing regulatory clarity on how to list these retail exchange traded products despite years of market demand. Instead, the CFTC chose regulation by enforcement rather than making clear rules of the road, resulting in huge fines that targeted the crypto industry but did not protect the retail public by giving them a safe place to trade.”
She added, “Under my leadership this year, the CFTC is finally using our decades-long existing authority to work smarter and faster to protect Americans who deserve safe U.S. markets now, not offshore exchanges that lack basic safeguards against uncontrolled customer losses. This historic milestone implements recommendations from the President’s Working Group on Digital Asset Markets with months of public engagement and the expert input of stakeholders, CFTC staff and other regulators.”
The announcement follows recommendations from national working groups focused on digital assets and incorporates insights from public consultations such as those conducted during the CFTC’s Crypto Sprint initiative. The Crypto Sprint included public feedback sessions addressing further regulatory actions relevant to digital assets under CFTC oversight. Other aspects of this initiative involve exploring tokenized collateral use—including stablecoins—in derivatives markets and updating technical regulations concerning blockchain technology adoption in areas like margin requirements and settlement processes.
