CFTC launches initiative to regulate spot crypto trading on futures exchanges

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Mirjan Hipolito

05.08.2025

CFTC launches initiative to regulate spot crypto trading on futures exchanges — CFTC targets crypto trading clarity

Caroline D. Pham, Acting Chair of the U.S. Commodity Futures Trading Commission (CFTC), has taken a significant step toward formalizing crypto regulation in the United States by announcing a new initiative. The program is aimed at facilitating the trading of spot crypto asset contracts on CFTC-registered futures exchanges, known as Designated Contract Markets (DCMs).

According to the press release, this initiative marks the first phase of the CFTC's Crypto Sprint — a rapid-response strategy aimed at implementing the recommendations outlined in the U.S. President’s Working Group report on digital asset markets.

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"Under the strong leadership and vision of President Trump, the CFTC is moving full speed ahead to enable immediate trading of digital assets at the federal level," Pham stated.

She emphasized that this initiative, along with the SEC’s “Project Crypto,” will ensure regulatory clarity and foster innovation essential for creating a global hub for digital assets.

CFTC’s recent crypto activity and core objectives of the initiative

Since early 2025, the CFTC has ramped up its engagement in the crypto sector. The agency hosted the first-ever Crypto CEO Forum, updated its regulatory guidance to better support digital asset entrepreneurs, and explored a pilot program for digital asset markets. It has also participated in discussions on industry tokenization. In recent months, the CFTC concluded public consultations on perpetual derivatives and 24/7 trading — two innovations now live on DCMs since April and May, respectively.

The newly announced program enables the listing of spot crypto contracts under the existing legal framework outlined in the Commodity Exchange Act. According to Pham, the initiative is not only legally viable but also necessary to advance the federal government's broader ambitions in the crypto space.

Call for public participation

"The Commodity Exchange Act currently requires that retail trading of commodities involving leverage, margin, or financing must occur on a DCM," she explained. "Starting today, we invite all stakeholders to collaborate with us in providing regulatory clarity on listing spot crypto contracts on a DCM."

The CFTC is seeking public feedback on this new framework, including legal interpretations under section 2(c)(2)(D) of the Commodity Exchange Act and Part 40 of CFTC regulations. The agency is also interested in any overlaps with securities law, particularly the SEC's role in overseeing non-security digital assets under investment contracts.

Written comments can be submitted on the CFTC website through August 18. All submissions will be published on CFTC.gov. This initiative marks a pivotal moment in U.S. crypto regulation and may accelerate the country’s emergence as a global leader in digital finance.

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