CFTC kicks off next Crypto Sprint, public input open until Oct 20

The U.S. Commodity Futures Trading Commission (CFTC) launched the next stage of its Crypto Sprint and opened public comment through Oct. 20, focusing on spot trading on CFTC‑registered exchanges and retail leverage rules aligned with the White House roadmap.

The initiative’s goal is to turn the White House digital-asset roadmap into workable rules. For exchanges and brokers, this is a chance to weigh in on spot trading and on how retail leverage should work on CFTC‑registered venues.

Acting Chairman Caroline D. Pham announces the next Crypto Sprint and opens public comments until Oct. 20; coordinated with the SEC’s Project Crypto. Source: cftc.gov.

This is not a draft rule yet. The CFTC is running structured stakeholder talks and collecting written comments on issues tied to the federal plan for digital assets. Earlier in August, the agency outlined how listed spot crypto could operate on designated contract markets (DCMs) – the same exchanges that list futures. The new phase broadens the scope beyond listing mechanics and moves across the rest of the recommendations assigned to the CFTC.

What changes are on the table

The Sprint targets two problem areas that keep coming up in crypto markets:

Spot trading on CFTC‑registered exchanges. If spot trading sits on DCMs, it pulls those markets under existing surveillance, recordkeeping, and conflict‑of‑interest controls. The hard part is the hand‑off with the SEC, where some assets are securities.

Retail leverage. The CFTC asked for views on leveraged, margined, or financed retail trades: how margin should be set, how liquidations should work, and what disclosures users should see. Clear rules could bring more activity onshore and force a cleaner split with offshore platforms.

The agency’s line is speed and federal coverage.

Enabling immediate trading of digital assets at the Federal level is a top priority,

says acting Chairman Caroline D. Pham.

She also flagged coordination with the SEC and urged stakeholders to submit input.

Impact for builders and traders

For builders and trading firms, the direction is toward listed spot markets with futures‑style protections and clear guardrails for retail leverage. That could reduce jurisdictional gray zones, standardize risk controls, and narrow the gap between U.S. venues and offshore competitors. The process starts with input; the next step would be proposed rules with timelines and cost analysis.

What to watch next:

Whether the CFTC follows with a formal proposal focused on retail leverage and listed spot on DCMs.
How the CFTC and SEC divide work under the joint roadmap, including surveillance‑sharing and listing protocols.
Which trade groups, exchanges, and retail brokers file comments by October 20, 2025 – and what they push for.

Comments are accepted through the CFTC’s public portal; submissions will be posted online after filing.