The move is in further response to the government’s plan to expand crypto use
The Commodity Futures Trading Commission (CFTC) is exploring a significant shift that could allow spot crypto trading on its regulated exchanges. This effort is part of the agency’s broader “crypto sprint,” a fast-tracked initiative aimed at implementing recommendations from the President’s Working Group on Digital Asset Markets.
Acting CFTC Chair Caroline Pham announced the move, stating that the agency is ready to begin enabling spot crypto asset contracts to be traded on designated contract markets (DCMs). These contracts would function similarly to futures products but would track real-time market prices of cryptocurrencies. This change could establish a federally regulated structure for retail investors to access crypto markets directly through CFTC-approved platforms.
The CFTC has opened a public comment period, asking for input on how these spot contracts might be regulated. In particular, the agency wants feedback on the application of section 2(c)(2)(D) of the Commodity Exchange Act, which governs retail commodity transactions involving leverage or margin, and Part 40 of CFTC regulations, which outlines registration and compliance standards for DCMs.
Run, don’t walk. The U.S. crypto sprint is on! @CFTC 🇺🇸🫡 https://t.co/jtQJwWNls5
— Caroline D. Pham (@CarolineDPham) August 4, 2025
Questions also remain about how securities laws might intersect with crypto trading on these platforms, particularly when the assets involved aren’t classified as securities but still resemble investment contracts.
The initiative follows a recent report from the President’s Working Group that outlined 18 recommendations for crypto market oversight. The report urged the CFTC to clarify the distinction between crypto commodities and securities, address the role of decentralized finance, and adjust rules to accommodate blockchain-based derivatives.
Currently, the CFTC is operating with a slim leadership team—only two commissioners remain, and a permanent chair has yet to be confirmed. Despite this, the agency is pushing forward with efforts to establish a clearer federal framework for crypto markets, potentially paving the way for spot crypto trading on regulated exchanges in the near future.
