The Commodity Futures Trading Commission (CFTC) announced on Aug. 28, 2025, that its Division of Market Oversight had released an advisory to clarify the foreign board of trade (FBOT) registration framework. The guidance is directed at non-U.S. exchanges legally organized and operating abroad that wish to provide U.S. traders direct access to their platforms. In its release, the agency underscored:

The CFTC’s FBOT registration framework applies to all markets, regardless of asset class, and includes both traditional and digital asset markets.

The move aims to resolve uncertainty caused by recent enforcement actions that had shifted from decades of established practice.

Acting Chairman Caroline D. Pham explained that the advisory is intended to encourage firms to return operations to U.S. markets after years of regulatory uncertainty. She stated: “Today’s FBOT advisory provides the regulatory clarity needed to legally onshore trading activity that was driven out of the United States due to the unprecedented regulation by enforcement approach of the past several years.”

Pham noted that the FBOT regime has existed since the 1990s, providing Americans access to non-U.S. exchanges, and the current action reinforces that framework while extending clarity for digital asset trading. She emphasized:

Starting now, the CFTC welcomes back Americans that want to trade efficiently and safely under CFTC regulations, and opens up U.S. markets to the rest of the world.

The Acting CFTC Chair also positioned the initiative as part of the CFTC’s broader commitment to expand access under the Trump administration’s “crypto sprint.”

The advisory comes after a significant increase in inquiries to the CFTC about whether non-U.S. exchanges should register as FBOTs or as designated contract markets. Recent enforcement-driven interpretations created confusion and disrupted global access. By reasserting the longstanding FBOT framework, the agency aims to provide market participants with clearer rules, deeper access to global liquidity, and stronger safeguards under U.S. oversight. Advocates argue the policy strengthens U.S. competitiveness in both derivatives and crypto markets, while detractors remain concerned that foreign platforms could pose oversight challenges despite the added clarity.

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