Author: Jesse Hamilton

Translation: Tim, PANews

The U.S. Congress has been trying to grant the CFTC (Commodity Futures Trading Commission) more direct jurisdiction over the crypto market, but the CFTC is still advancing some related work without authorization. Currently, its acting chair, Caroline Pham, is in talks with regulated exchanges, and if all goes well, some spot products could launch as early as next month.

Despite the current federal government shutdown delaying the advancement of crypto policy in Washington, Pham has personally met with several exchanges interested in listing spot and contract products. It is reported that the CFTC is considering issuing further guidance on the specific operational processes for these trades, having previously stated that the CFTC has sufficient legal authority to intervene in the crypto market in this way.

Pham is busy reforming the internal structure of the CFTC and its enforcement division, while also pushing for a tokenized collateral policy expected to be introduced early next year. However, the CFTC's most pressing policy focus is to regulate new retail spot products on regulated exchanges in the absence of relevant legislation from Congress. According to plans, Pham's position will ultimately be succeeded by the new nominee chosen by President Trump—SEC cryptocurrency division official Mike Selig.

A CFTC commissioner stated, "As we continue to work with Congress to bring clarity to these markets through legislation, we are also using our existing powers to swiftly implement the recommendations from the President's Digital Asset Market Working Group report. I am excited that new products will begin trading in the market by the end of the year, and I am working to ensure a smooth transition for the CFTC's executive chair nominated by President Trump."

Spot trading, which refers to the immediate trading of physical assets (as opposed to futures trading), in this context also includes the trading of crypto assets like Bitcoin and Ether, which has always been a core issue in the industry's lobbying efforts in Washington. Several lawmakers and former Democratic chairs of the CFTC have argued that Congress needs to authorize the CFTC to exercise regulatory power over the crypto industry. If acting chair Pham pushes for leveraged trading of assets like Bitcoin and Ether on CFTC-regulated exchanges, it would effectively bypass some legal obstacles and is expected to increase institutional investors' interest in the crypto space.

Kris Swiatek, a lawyer at Seward & Kissel, stated in an interview, "If these crypto products can be invested in on regulated exchanges, traditional institutions and other mature market participants may be more willing to gain or increase their exposure to cryptocurrencies because they prefer to trade these products in a familiar, regulated environment." Kris Swiatek primarily provides consulting services in digital assets to asset management companies.

Cryptocurrency Leverage Trading

Crypto trading involving margin, leverage, or financing will take place on designated contract markets (DCM) and must fully comply with traditional commodity law regulatory frameworks, which is expected to provide further protection for investors and investment advisors. Although the scope of trading is limited, it still leaves ample room for the eventual legislative structure of the U.S. market to further define the scope of crypto business and understand its internal operating mechanisms.

While institutional spokespeople declined to disclose the names of exchanges that may be the first to launch operations, sources familiar with the negotiations indicated that those already deeply engaged in the crypto space are expected to be the first to introduce related products. Currently, crypto-native companies such as Coinbase and Bitnomial, as well as prediction market platforms like Kalshi and Polymarket, have all obtained designated contract market qualifications.

Cody Carbone, CEO of the Digital Chamber of Commerce, which has been actively advocating for pro-crypto policies in Washington, stated, "The CFTC's recent work on spot market regulation is particularly encouraging. The progress of regulation largely depends on when Congress restarts the government; until then, agencies must intensify regulatory efforts in accordance with the President's executive orders and working group recommendations."

In recent years, the U.S. Securities and Exchange Commission (SEC) has attracted the vast majority of attention in the crypto space, primarily due to its previous hardline stance on the commercial behavior and legal positions of the crypto industry. However, the relatively smaller CFTC may have jurisdiction over the vast majority of crypto asset trading. Even Paul Atkins, the SEC chair appointed during President Trump's administration (who himself supports cryptocurrencies), pointed out that the vast majority of assets in the crypto market clearly do not fall under the category of securities and are, in fact, beyond the SEC's jurisdiction. This places a significant portion of cryptocurrencies under the regulatory scope of the CFTC.

However, the heads of the SEC and CFTC recently stated that they are working together on new product proposals and have instructed the exchanges they regulate: as long as operations are conducted properly and regulatory agencies are consulted, certain spot trading of cryptocurrencies is permitted. It is reported that since Pham is not restricted by current federal employee conduct regulations, she can meet directly with private companies and provide guidance.

The well-known crypto investment firm a16z recently submitted a comment letter to the CFTC stating, "The CFTC's public guidance represents a key step toward reversing offshoring, allowing U.S. retail investors to access cryptocurrency leverage products under a comprehensive regulatory framework while maintaining high standards of market integrity and investor protection in the U.S. derivatives market."

Stablecoin Collateral

Another CFTC policy allows stablecoins to be used as permitted tokenized collateral in the vast derivatives market, with this short-term policy shift expected to be finalized in the second quarter of next year. This policy is likely to be piloted at U.S. clearinghouses initially, where stricter oversight will be implemented, requiring additional disclosures on position sizes, large traders, and trading volumes, as well as operational reports from clearinghouses.

Pham, who has long studied tokenized collateral, referred to this as the "killer application" for stablecoins.

When Pham took over earlier this year, she witnessed a massive government layoff led by Elon Musk's Efficiency Department alongside several federal agency heads. She immediately implemented comprehensive personnel adjustments, canceled some high-priced service contracts, and unhesitatingly initiated policy initiatives as acting chair—such as her proposed "Crypto Sprint Initiative." This crypto initiative aims to accelerate the advancement of crypto asset policies to meet the clear demands set forth by Trump. Pham has been continuously restructuring the agency, including innovating the enforcement division, which has focused on cryptocurrency cases in recent years.

This comprehensive reform of the agency has sparked some dissatisfaction, and against the backdrop of the Trump administration offering buyout plans for federal employees, many senior staff chose to leave. However, the streamlining of personnel has created space for the CFTC to reshape key functions. Sources indicate that in the enforcement division, Pham's goal is to assemble a professional team of eight or nine trial lawyers, potentially hiring former prosecutors from the Department of Justice to bring more courtroom experience to the CFTC.

The CFTC is considering hiring legal personnel in lower-cost areas like Kansas City to save budget expenses.

In recent months, Pham has discussed her departure plans with the government and agreed to stay on until a successor is confirmed. Due to the withdrawal of the initial nominee, former CFTC commissioner Brian Quintenz, following a public spat with Gemini CEO Tyler Winklevoss, and the Senate's confirmation process potentially further delayed by the government shutdown, her term has been extended.

According to insiders at U.S. crypto infrastructure service provider MoonPay, Pham has been planning to join the company as Chief Legal Officer and Chief Operating Officer after her departure. Several former CFTC commissioners have already entered the digital asset space: Republican former CFTC commissioner Summer Mersinger, who worked with Pham, recently left to lead the Blockchain Association as CEO; Quintenz has been working on policy at a16z Crypto; and former chair J. Christopher Giancarlo serves as a director of the Digital Chamber of Commerce and has published a book titled "Crypto Dad."

SEC official Carbone stated, "Selig has been dedicated to developing sound digital asset policies in both the public and private sectors for many years." It is still unclear when the Senate will vote on Selig's appointment, so Pham may still have the opportunity to implement more reforms at the CFTC.

Insiders revealed that some recruitment negotiations were stalled earlier this year due to uncertainty in leadership, but Pham is still actively advancing talent acquisition plans aimed at recruiting senior executives with decades of experience in the financial sector, who typically have the qualifications to lead company departments.

Powerful Acting Chair

The CFTC is supposed to have five commissioners, but currently, Pham finds herself in an unusual position as the only sitting commissioner. This effectively makes her the sole head of the CFTC, similar to the Consumer Financial Protection Bureau or the Office of the Comptroller of the Currency. Crypto lobbyists and lawyers privately express uncertainty about whether policy decisions made solely by a Republican chair have legal validity, as the Trump administration deliberately avoids the requirement under federal law to adopt opposition party opinions, aiming to eliminate dissenting voices within federal agencies.

Currently, the only work the CFTC is advancing is the formulation of cryptocurrency rules, which involves amending existing rules to allow for the application of blockchain technology. This technical work involves multiple regulations within the CFTC's jurisdiction.

Pham stated, "At the beginning of this administration, we focused on returning the CFTC to its core functions, streamlining operations, and preparing to strengthen regulation in the digital asset space." This statement has been welcomed by crypto companies.

Faryar Shirzad, Chief Policy Officer at Coinbase, told CoinDesk, "She has pushed key workflows back on track, and we are very pleased with that." He also mentioned that Pham has clearly indicated her welcome for companies like Coinbase to provide input on the CFTC's work.

Selig has been in contact with Pham during the confirmation process. If approved by the Senate, Selig is widely expected to continue the crypto-friendly policy direction, as he has been a core member of the SEC's "Crypto Initiative" and the CFTC's coordination working group.

The industry has long hoped for a scenario where a large amount of investment capital is waiting on the sidelines, ready to enter the crypto space once it matures and is subject to sound regulation. Over the past year, the government has strongly supported and promoted this process. Observers point out that this move could inject a strong dose of confidence back into the market.

Swiatek stated, "There is a lot of discussion about this, usually coming from traditional players. This provides them with an opportunity to compete for business with investors who want exposure to crypto assets without having to step outside the traditional financial framework."

He predicts "there will be significant changes in this area" and notes that "various institutions are ultimately competing for a share of this expanding ecosystem."

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