- The CFTC unveils plans to allow spot crypto trading on registered futures exchanges.
- Public feedback is sought on listing crypto spot contracts by the August 18 deadline.
- Coordination with SEC’s Project Crypto signals potential unified U.S. crypto oversight.
The U.S. Commodity Futures Trading Commission (CFTC) has launched a new initiative that could reshape how Americans trade crypto. On Monday, Acting Chairman Caroline Pham announced plans to explore allowing spot crypto asset trading on registered futures exchanges. This marks the agency’s first step in its newly launched “Crypto Sprint,” a regulatory initiative designed to advance the White House’s digital asset roadmap.
Spot Trading Could Expand Through Existing Rules
The CFTC that mainly regulates derivatives, like crypto futures and options, rarely covers spot trading, except in fraud cases. However, under Section 2(c)(2)(D) of the Commodity Exchange Act, the agency can allow leveraged commodity trades on designated contract markets (DCMs), which are exchanges registered with the CFTC to trade futures contracts, such as the CME and ICE.
Pham said that under President Trump’s leadership, the CFTC aims to enable federal-level crypto trading swiftly and decisively and urged public stakeholders to offer feedback on listing spot crypto contracts directly on the registered futures platforms. She also said that the agency is moving “full speed ahead” in partnership with the SEC’s Project Crypto initiative.
Reportedly, the public could provide their feedback till August 18 and will have to submit them via the CFTC website. The proposal represents a potential breakthrough for real-time, on-exchange crypto trading using existing infrastructure. This approach avoids waiting for new legislation by using the CFTC’s current rulemaking authority.
Unified Oversight may be Nearing
For years, crypto regulation has faced agency turf wars between the SEC and CFTC. While the CFTC oversees crypto assets like Bitcoin and Ether, the SEC claims authority over tokens classified as securities under the Howey Test. This overlapping jurisdiction has created confusion for crypto businesses, developers, and investors.
Last month, the White House published a report that urged the cooperation between the two agencies. That report backed CFTC leadership on spot markets and endorsed SEC efforts to modernize securities rules for digital assets. SEC Chair Paul Atkins confirmed that Project Crypto will focus on custody, trading, and distribution for tokenized securities.
Now, with both agencies moving forward on parallel tracks, some analysts say a unified U.S. crypto framework could be forming. The CFTC’s latest move reflects this shift, aiming to fill regulatory gaps without waiting on stalled congressional bills.
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A market structure bill that would grant CFTC greater direct control over crypto passed the House, but has yet to pass the Senate. Until then, the CFTC is attempting to clarify rules using the authority it already has. Pham emphasized that this initial step lays the foundation for broader coordination with the SEC in the months ahead.
Stakeholders, including exchanges, traders, and developers, are encouraged to participate in the process. These comments will be published and will contribute to shape final rules for how spot crypto contracts can be traded legally and the results may impact how Ether, Bitcoin, and other digital assets are accessed in the U.S. market.
By moving forward with implementation, the CFTC shows its willingness to act where Congress has delayed. The agency wants to reduce uncertainty for market participants and help establish America’s global leadership in digital finance. SEC’s recent reforms around crypto-based exchange-traded products (ETPs) suggest a similar momentum.
Together, these moves could minimize regulatory confusion and tapping into new avenues to institutional adoption. If successful, the merged CFTC-SEC frameworks may finally resolve the crypto oversight debate in the U.S.
