- US regulators will allow spot crypto trading on federally supervised futures exchanges for the first time.
- The CFTC will oversee spot crypto assets and bring trading activity under long standing federal standards.
- Major exchanges plan new spot crypto products as lawmakers consider expanding the CFTC’s authority.
Spot cryptocurrency trading will shift onto federally regulated futures exchanges for the first time in the United States. The Commodity Futures Trading Commission approved the change after extended coordination among federal agencies.
The decision places a wide portion of the digital asset market under long-standing regulatory structures that oversee traditional commodities.
Expanded Oversight of Digital Asset Markets
The new framework allows exchanges registered with the CFTC to list spot crypto products. The approach brings direct buying and selling of digital assets under the same system that governs futures and options. The agency plans to oversee spot trading for assets identified as commodities, including Bitcoin and Ethereum. The update closes a major gap that pushed large trading volumes to offshore platforms with lighter standards. Earlier in November, CFTC revealed plans to start regulated spot crypto trading with leverage under Caroline Pham’s leadership.
The shift also brings leveraged retail crypto trades inside regulated exchange environments. Those trades must occur on registered venues and must involve physical delivery within 28 days. This rule created uncertainty for digital markets and encouraged activity outside the country. The new structure aims to reduce that trend by offering regulated options within the U.S. system.
Regulators Increase Coordination
The policy update reflects growing cooperation between federal regulators. In early September, the CFTC and the Securities and Exchange Commission issued joint guidance that clarified their positions on certain spot crypto trades. The SEC and CFTC confirmed that registered exchanges can offer spot crypto trading under current law. The statement reduced jurisdictional friction and opened the door for broader exchange participation.
The change also aligns with recommendations from the President’s Working Group on Digital Asset Markets. The group has supported a clearer framework for spot assets, stablecoins, and tokenized financial tools. The approval marks another step in Washington’s wider effort to consolidate oversight of digital asset activity.
Industry Prepares for U.S. Market Entry
Multiple trading platforms have already discussed product launches under the revised rules. These include CME Group, Cboe Futures Exchange, ICE Futures, Coinbase Derivatives, Kalshi, and Polymarket U.S. Firms have explored both spot and leveraged offerings. The discussions signal that major exchanges expect broader demand for regulated digital trading venues.
The CFTC is also expanding its work with the private sector. The agency plans to launch a CEO Innovation Council to guide policy development in areas such as prediction markets and tokenized settlement systems. Public nominations for the council opened in November.
Leadership Transition and Legislative Momentum
The announcement arrives during a leadership transition at the CFTC. Caroline Pham has served as acting chair since January following the departure of Rostin Behnam. She will remain in the role until the Senate confirms Michael Selig, the nominee to lead the agency.
Lawmakers continue to advance proposals that would place crypto spot markets under the CFTC’s primary supervision. Some members of Congress have raised concerns about the agency’s staffing levels as responsibilities expand. The CFTC employs slightly more than 500 people, a small figure when compared with the workforce of the SEC.
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