The CFTC has approved the trading of cryptocurrency spot products on federally regulated futures exchanges.

In an announcement released on Thursday, acting chair of the U.S. Commodity Futures Trading Commission (CFTC) Caroline Pham stated that this move is a response to a policy directive from U.S. President Trump. She added that the approval follows recommendations from the President's Working Group on Financial Markets, interactions with the U.S. Securities and Exchange Commission (SEC), and consultation feedback from the CFTC's "Crypto Sprint" initiative.

"This is the first time that cryptocurrency spot trading is allowed on exchanges registered with the CFTC—these exchanges have been the gold standard of the industry for nearly a century—and it provides Americans with the customer protections and market integrity they deserve," Pham stated.

Pham became acting chair in January at the onset of Trump's presidency, and she is expected to step down once the U.S. Senate confirms her successor. The nomination of Michael Selig, an official from the SEC nominated by Trump, to serve as chair of the CFTC is expected to be submitted to the full Senate for a vote shortly after the committee's approval.

One of the derivatives exchanges expected to launch trading first is Bitnomial, which has set its launch date for next week. The exchange has been licensed by the CFTC to operate as a designated contract market, and Coinbase also received this designation in 2020.

In addition to the Senate reviewing Selig's nomination, there are currently four vacant commissioner positions on the commission's leadership. As of Thursday, Trump has not announced any potential candidates for this regulatory agency.

Senators are also expected to soon advance a digital asset market structure bill, which aims to clarify the regulatory roles of the CFTC and the SEC in the cryptocurrency space. The potential framework in the discussion draft would grant the CFTC greater regulatory authority over digital assets.

Related: Bitcoin (BTC) traders face peak unrealized losses as ETFs begin to turn positive

Original article: “CFTC Approves Cryptocurrency Spot Trading on U.S. Exchanges”

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