Overview
- Acting CFTC Chair Caroline Pham said she expects leveraged spot crypto products to begin trading before year’s end using existing Commodity Exchange Act authority.
- The agency has held talks with designated contract markets including CME, Cboe Futures Exchange, ICE Futures, and Coinbase Derivatives to list leveraged spot offerings.
- The Senate Agriculture Committee’s discussion draft would give the CFTC explicit authority over most spot trading in digital commodities such as Bitcoin and other non-security tokens.
- The bill outlines registration for exchanges, brokers, and dealers with requirements for customer fund segregation, disclosures, conflict-of-interest safeguards, and dispute-resolution processes.
- Key issues remain unsettled including treatment of DeFi, anti-money-laundering obligations, and exemptions, as lawmakers flag CFTC staffing needs while nominee Mike Selig awaits Senate confirmation.