The U.S. Commodity Futures Trading Commission (CFTC) has launched an initiative aimed at allowing "spot cryptocurrency contracts" to be traded on CFTC-registered futures exchanges.
This invitation is part of the CFTC's "Cryptocurrency Sprint" initiative, which aims to implement the recommendations of the Digital Asset Market Working Group established by President Donald Trump, which proposed 18 recommendations.
CFTC Acting Chair Caroline Pham stated in a statement on Monday, "The CFTC is fully committed to achieving real-time trading of digital assets at the federal level, in coordination with the SEC's cryptocurrency initiatives."
Spot cryptocurrency contracts are similar to futures-style listed contracts that reflect the prices of spot cryptocurrencies and are traded on designated contract markets (DCMs) registered with the CFTC.
The CFTC is typically limited to regulating derivatives rather than commodities, unless fraud and market manipulation cases are involved.
The CFTC is specifically seeking feedback on the applicability of Section 2(c)(2)(D) of the Commodity Exchange Act and CFTC Regulation Part 40.
Section 2(c)(2)(D) requires that retail commodity transactions involving leverage, margin, or financing must be conducted on a DCM registered with the CFTC—providing a legal framework for regulating leveraged spot cryptocurrency contracts.
CFTC Regulation Part 40 pertains to DCM rules, including registration and compliance requirements as well as enforcement provisions.
The CFTC is also seeking input on potential implications under securities laws, such as how the SEC framework applies to transactions involving non-securities assets that may constitute investment contracts.
The public comment period will end on August 18.
The cryptocurrency policy recommendation report released by the working group last week suggests that the CFTC more clearly outline how cryptocurrencies are viewed as commodities; how its registration requirements work with decentralized finance market participants; and provide guidance to CFTC-regulated entities on what they can do with cryptocurrencies.
Another important task is to consider how to modify rules to accommodate blockchain-based derivatives.
The other 16 recommendations involving the CFTC relate to other financial institutions, such as the SEC and the Treasury Department.
Currently, the CFTC has only two commissioners: Pham and Kristin N. Johnson, the latter of whom is expected to leave later this year.
Former CFTC Chair Rostin Behnam resigned when the Trump administration took over on January 20, 2025, while Summer Mersinger and Christy Goldsmith Romero both resigned in late May.
Meanwhile, Brian Quintenz, the permanent chair nominated by Trump, remains in limbo after the White House intervened last week to delay the Senate vote on his nomination.
Related: Lawyer Interpretation: White House Cryptocurrency New Regulations Clarify SEC and CFTC Regulatory Boundaries for U.S. Cryptocurrency Firms
Original article: “CFTC Seeks to Allow Spot Cryptocurrency Trading on Registered Exchanges”
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