Overview

• Acting Chair Caroline Pham said the agency is exploring whether EU platforms authorized under MiCA or MiFID could qualify for U.S. access through existing cross-border frameworks.
• The review centers on extending the Foreign Boards of Trade regime to certain digital asset platforms that meet regulatory standards comparable to U.S. rules.
• The move follows a late‑August advisory reaffirming the FBOT program and recent SEC–CFTC signals inviting engagement on onshored spot crypto listings.
• Pham framed the effort as a way to onshore liquidity and reduce fragmentation after years of enforcement actions and uncertainty pushed activity offshore.
• The initiative remains exploratory, with stakeholder input underway and joint agency roundtables planned ahead of any formal rulemaking.