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3w ago

CFTC Proposes Spot Crypto Trading on Regulated Futures Exchanges

The proposal extends DCM oversight to margined or financed spot crypto under existing Commodity Exchange Act powers.

Signage is seen outside of the US Commodity Futures Trading Commission (CFTC) in Washington, D.C., U.S., August 30, 2020. REUTERS/Andrew Kelly/File Photo
U.s. cftc considers allowing spot crypto trading on registered futures exchanges
cftc
CFTC explores allowing futures exchanges to offer spot Bitcoin, crypto trading

Overview

  • Acting Chair Caroline D. Pham unveiled the Listed Spot Crypto Trading Initiative on August 4, using Section 2(c)(2)(D) of the Commodity Exchange Act to list spot crypto contracts on CFTC-registered designated contract markets.
  • The agency has opened a public comment period through August 18, 2025, and will publish all stakeholder feedback on its website.
  • This effort is the first phase of the CFTC’s “Crypto Sprint” and is coordinated with the SEC’s Project Crypto to harmonize federal digital asset regulation without new legislation.
  • If adopted, major exchanges such as CME Group and ICE Futures US could offer spot trading in Bitcoin, Ethereum, Solana and XRP alongside their existing derivatives products.
  • Legal experts caution the plan may face challenges because the SEC considers many crypto assets to meet the Howey test and classify as securities, potentially triggering jurisdictional conflicts.