- The CFTC has approved spot crypto trading on regulated futures exchanges for the first time.
- The agency is gaining momentum compared to the SEC in crypto.
US regulators are rallying behind the $3.2 trillion cryptocurrency industry.
After a decade of industry lobbying, the Commodity Futures Trading Commission has officially authorized spot crypto trading on federally regulated exchanges, Acting Chair Caroline Pham announced Thursday.
“For the first time ever, spot cryptocurrencies can be traded on CFTC-registered exchanges that have been the gold standard for nearly a hundred years,” Pham said.
“Recent events on offshore exchanges have shown us how critical it is that Americans have more choices and access to safe, regulated U.S. markets. »
The decision comes amid a broader U.S. policy shift, following years of enforcement-focused oversight under Joe Biden’s administration.
This ties directly into President Donald Trump’s pledge to usher in a “golden age of innovation” by bringing digital assets domestically, modernizing market infrastructure, and strengthening the country’s position in crypto.
The change, Pham said, gives Americans “safe, regulated U.S. markets” instead of offshore locations that “lack basic safeguards.”
It also comes at a time of growing momentum in Washington and Wall Street, which includes a wave of exchange-traded fund approvals, relentless industry-friendly legislation and the administration’s call for new Treasury Department guidance on cryptocurrency-backed financial products.
Pham has previously criticized CTFC executives, saying they “chose regulation by enforcement over establishing clear rules of conduct,” resulting in “huge fines that targeted the crypto industry but failed to protect the retail public.”
Change of diet
The CFTC is the U.S. federal watchdog agency that regulates futures, commodities and derivatives markets worth trillions.
For years, crypto companies have argued that the CFTC — not the Securities and Exchange Commission — is the most appropriate regulator for digital assets because the agency oversees commodities rather than securities.
The crypto community has long been divided on how crypto should be classified and regulated, with no clear consensus.
Today, the CFTC is gaining ground in the regulatory standoff.
“The CFTC has a central role to play,” Pham said. “Thanks to President Trump’s leadership, this administration has developed a comprehensive, whole-of-government plan for America to regain its place as a global leader in digital asset markets.”
In Congress, Senators John Boozman and Cory Booker have proposed legislation to shift primary oversight of crypto markets from the SEC to the CFTC, arguing that the agency is “the right regulator” for digital products.
New CFTC nominee Mike Selig, a pro-crypto lawyer, has pledged to “help the president make the United States the crypto capital of the world,” paving the way for further deregulation if confirmed.
SEC Chairman Paul Atkins has already declared that “crypto’s time has come,” launching his own deregulatory agenda to end years of aggressive enforcement.
“Thanks to President Trump’s leadership, this administration has developed a comprehensive, whole-of-government plan for America to regain its place as a global leader in digital asset markets,” Pham said.
Crypto market players
- Bitcoin is down 1.3% in the last 24 hours, trading at $92,000.
- Ethereum is down 1.1% on the day and trading at $3,150.
What we read
Lance Datskoluo is DL News’ European markets correspondent. Do you have any advice? Email to lance@dlnews.com.
