Overview
- Acting CFTC Chairman Caroline D. Pham on December 4 announced that designated contract markets are authorized to list spot cryptocurrency contracts and flagged the upcoming launch on Bitnomial.
- Bitnomial, a CFTC‑regulated DCM operating with an associated CFTC‑registered DCO, is set to list a leveraged spot crypto product for retail participants.
- Under Commodity Exchange Act Section 2(c)(2)(D), leveraged or margined retail commodity transactions are treated as if they were futures and must trade on a DCM unless an actual‑delivery exemption applies.
- Bitnomial’s self‑certified rules treat listed spot contracts as retail commodity transactions for compliance purposes, aligning with prior CFTC‑SEC staff guidance on permissible DCM spot listings.
- The National Futures Association repealed Interpretive Notice 9073 and expanded Compliance Rule 2‑51, and market participants expect the CFTC to issue further guidance and possible rule amendments to integrate these products into existing FCM, IB, and NFA frameworks.