The U.S. Commodity Futures Trading Commission (CFTC) is weighing a groundbreaking move to allow futures exchanges—also known as Designated Contract Markets (DCMs)—to list and offer spot trading for Bitcoin and other crypto assets.
Announced on Monday by Acting Chair Caroline Pham, the initiative marks the first step toward implementing recommendations from the President’s Working Group on Digital Asset Markets. It also forms part of the CFTC’s “Crypto Sprint” strategy, which aims to enhance regulatory clarity, expand oversight of digital commodity markets, and strengthen cooperation with the U.S. Securities and Exchange Commission (SEC) to promote responsible innovation.
“Under the strong leadership of former President Trump, the CFTC is moving full speed ahead to enable digital asset trading at the federal level, in close coordination with the SEC’s Crypto Project,” Pham stated.
Currently, spot and futures crypto markets are regulated under separate frameworks—spot trading largely falls under the SEC’s jurisdiction, while the CFTC oversees futures derivatives.
By enabling DCMs to list spot crypto contracts under the Commodity Exchange Act, the CFTC hopes to unify oversight and provide a more seamless, efficient trading experience for investors, while also expanding access to the spot crypto market.
“The Commodity Exchange Act clearly requires that any retail trading of commodities involving leverage, margin, or financing must take place on a DCM. This is a clear and actionable solution that the CFTC can implement now,” Pham emphasized.
The CFTC is now inviting stakeholder feedback on the proposal to allow spot crypto asset contracts to be listed on DCMs. It will also assess potential implications under securities law—especially regarding non-security assets that may be part of investment contracts under SEC oversight.
The public comment period is open until August 18, and submissions can be made through the official CFTC website. All comments will be published online.
