Acting CFTC Chairman Caroline D. Pham announced that listed spot cryptocurrency products will begin trading for the first time on CFTC-registered futures exchanges, marking a major shift in how Americans can access leveraged crypto exposure.
The move aligns with President Donald Trump’s pledge to usher in what the administration calls a “Golden Age of Innovation” and to position the U.S. as a center for digital asset markets.
Acting Chair Pham Outlines Policy Shift
Pham framed the decision as a course correction after years in which the agency focused on enforcement actions instead of clear rules for retail products. She said the CFTC has a long record of allowing new derivatives products while enforcing core principles around customer protection and market integrity.
.@CFTCpham Announces First-Ever Listed Spot Crypto Trading on U.S. Regulated Exchanges: https://t.co/89Mx6f0ss4
— CFTC (@CFTC) December 4, 2025
In her statement, Pham argued that recent turmoil on offshore platforms highlighted the need for U.S. traders to have access to “safe, regulated U.S. markets” rather than relying on venues with weaker safeguards.
The policy shift ties back to reforms Congress passed after the global financial crisis more than a decade ago. Lawmakers required that leveraged retail commodity trading take place on futures exchanges, but the CFTC never fully implemented this mandate for exchange-traded retail crypto products.
Pham said the vacuum left market demand to flow offshore while domestic policy defaulted to “regulation by enforcement,” resulting in large penalties for crypto firms but no clear path for retail traders to access regulated venues.
Trump Administration Crypto Agenda
Pham’s move effectively operationalizes one piece of that plan by enabling leveraged spot crypto trading on platforms already supervised as futures exchanges.
Keep reading: Revolut Launches UK Waitlist for Corporate Card Automating Business Expenses
Bitnomial, a CFTC-regulated designated contract market (DCM), is set to become the first exchange to list these leveraged spot crypto products, with trading expected to start next week. The Chicago-based platform already operates under the derivatives regulator’s rulebook and will now extend its offering to spot digital assets under the new approach.
???? XRP futures are here! ????Bitnomial is launching the first-ever CFTC-regulated $XRP futures in the U.S. — physically settled for real market impact. Plus, we’ve voluntarily dismissed our case against the SEC as regulatory clarity improves. pic.twitter.com/ARkSanjFNU
— Bitnomial (@Bitnomial) March 19, 2025
As part of that process, the agency gathered feedback from market participants, other regulators and the public on how to integrate digital assets into existing rules. The CFTC worked with the Securities and Exchange Commission during the consultations.
Crypto Sprint and Tokenization Push
Other elements of the Crypto Sprint include plans to allow tokenized collateral, including stablecoins, in derivatives markets and to update technical rules governing collateral, margin, clearing, settlement, reporting and recordkeeping.
The CFTC’s move seeks to balance growing demand for crypto exposure with concerns about leverage, volatility and market abuse. By bringing spot products under the same umbrella as established futures exchanges, regulators aim to apply familiar safeguards to a new asset class without stifling innovation.
This article was written by Jared Kirui at www.financemagnates.com.
You can get bonuses upto $100 FREE BONUS when you:
💰 Install these recommended apps:
💲 SocialGood - 100% Crypto Back on Everyday Shopping
💲 xPortal - The DeFi For The Next Billion
💲 CryptoTab Browser - Lightweight, fast, and ready to mine!
💰 Register on these recommended exchanges:
🟡 Binance🟡 Bitfinex🟡 Bitmart🟡 Bittrex🟡 Bitget
🟡 CoinEx🟡 Crypto.com🟡 Gate.io🟡 Huobi🟡 Kucoin.
Comments