CFTC opens path to listed spot crypto trading on US regulated exchanges

The step would place cash‑market crypto products on CFTC‑registered futures exchanges, extending existing market‑integrity and customer‑protection rules to spot trading.

Pham framed the move as using long‑standing authority rather than creating a new regime. “The CFTC has a rich history of welcoming responsible innovation while upholding core principles that protect customers and preserve market integrity,” she said, adding that bringing spot products onshore is aimed at giving Americans a safer alternative to offshore venues. She cited prior work with the President’s Working Group on Digital Asset Markets and coordination with the SEC.

The agency also highlighted elements of its “crypto sprint,” including consultations on tokenized collateral in derivatives markets and technical amendments across collateral, margin, clearing, settlement, reporting and recordkeeping to support blockchain‑based infrastructure under existing rules.

Market participants are preparing. Bitnomial, a CFTC‑registered designated contract market, has indicated plans to begin listed spot crypto trading in the week beginning December 8, 2025, subject to final readiness. Coinbase obtained a DCM registration in 2020, positioning it to list eligible products once requirements are met.

Leadership changes are pending. Pham, who became acting chair in January 2025, is expected to step down once the Senate confirms a permanent chair. Michael Selig, currently an SEC official and the White House nominee to lead the CFTC, awaits a floor vote following committee action. Four commissioner seats are also vacant, with nominations yet to be announced.

On Capitol Hill, lawmakers are advancing digital‑asset market‑structure legislation intended to clarify the respective roles of the CFTC and SEC. Drafts under discussion would expand the CFTC’s remit over digital commodities and establish disclosure and registration standards for platforms, while preserving the SEC’s jurisdiction over securities.

As GNcrypto wrote previously, Robinhood and Susquehanna plan a 2026 U.S. futures venture by acquiring 90% of CFTC‑regulated MIAXdx (DCM/DCO/SEF), with Susquehanna as day‑one liquidity provider. Robinhood is leaning into event‑based trading after adding Kalshi‑powered markets, even as a Nevada ruling challenges the view that federal DCM status preempts state gambling laws. That backdrop underscores why CFTC‑listed spot products – and clear federal guardrails – matter for how crypto and event contracts will be offered to U.S. customers.