Overview

• The CFTC’s Division of Market Oversight issued an advisory clarifying how non‑U.S. exchanges can register as Foreign Boards of Trade to offer direct access to eligible U.S. participants across traditional and digital assets.
• The agency characterized the notice as a reminder rather than a policy change, citing rising inquiries and confusion over whether firms must register as FBOTs or as U.S. designated contract markets.
• Acting Chair Caroline D. Pham said the clarification creates a path back for firms that left during years of enforcement-driven uncertainty and framed it as part of the CFTC’s crypto sprint under President Trump.
• Prospective FBOTs must show comparable home‑country supervision, establish information‑sharing arrangements with U.S. authorities, and route trades for clearing through CFTC‑registered entities or those exempt under Regulation 30.10.
• Coverage notes potential expansion of lawful access for Americans to trade on global platforms, though any foreign venue would need to apply, qualify, and comply, and the move coincides with new surveillance efforts such as the CFTC’s Nasdaq integration.