The U.S. Commodity Futures Trading Commission (CFTC) announced the launch of spot cryptocurrency trading on registered futures exchanges for the first time in the nation’s history.
Acting CFTC Chair Caroline Pham stated that spot crypto products will, for the first time, be allowed to trade on exchanges operating under federal oversight. The change provides investors with access to regulated instruments that were previously unavailable due to the lack of clear rules for the digital asset market.
According to Pham, the launch of spot crypto trading on regulated U.S. exchanges is a “historic milestone” and a direct step toward fulfilling the Trump administration’s plan to create the “Golden Age of Innovation” and to strengthen the U.S. position as the “crypto capital of the world.” She emphasized that CFTC-registered exchanges served as the “gold standard” for customer protection and market transparency for nearly a century.
Pham reminded that 15 years ago, Congress required the regulator to establish clear rules for retail leveraged digital asset trading, allowing such trading exclusively on futures platforms. However, for many years, the CFTC didn’t implement this provision and instead relied on enforcement actions, which led to large fines for crypto companies but didn’t provide safe trading conditions for investors.
The new decision is based on recommendations from the President’s Working Group on Digital Asset Markets and the results of the Crypto Sprint initiative, which included consultations with market participants and joint work with the Securities and Exchange Commission (SEC).
Within the Crypto Sprint framework, in addition to launching spot crypto trading, rules for the use of tokenized collateral, including stablecoins, in derivatives operations are being developed. Preparation of regulatory amendments also covers issues of collateralization, clearing, margining, settlement, reporting, and data storage — all aimed at integrating blockchain and tokenization technologies into the regulated market infrastructure.
The regulator stresses that the launch of spot crypto trading on U.S. exchanges should reduce investors’ reliance on offshore platforms, which repeatedly demonstrated high risks and a lack of basic capital protection mechanisms. Now American users will be able to trade digital assets under conditions that align with strict U.S. financial oversight standards.
In August 2025, the CFTC and SEC launched the joint Crypto Sprint initiative, aimed at updating the regulatory framework for the digital asset sector in line with the priorities of the current U.S. administration.
