Overview
- Acting Chair Caroline Pham confirmed the CFTC is in talks with major designated contract markets, including CME and Coinbase Derivatives, to list spot crypto products that use margin and financing.
- New offerings could begin trading before year-end, with some products described as potentially launching as soon as next month, according to Pham’s statement and reporting based on people familiar with the plans.
- The contemplated trades would occur on fully regulated DCMs under commodities law, bringing leveraged spot activity under U.S. market rules.
- Separately, the agency is advancing a pilot to allow stablecoins as tokenized collateral in derivatives clearing, with a target for U.S. clearinghouses by the second quarter of next year, according to people familiar.
- Pham is currently operating as the CFTC’s lone commissioner while President Trump’s nominee Mike Selig awaits Senate confirmation.