In a landmark decision for the US digital asset market, the Commodity Futures Trading Commission (CFTC) has approved spot cryptocurrency trading on federally regulated futures exchanges for the first time. The move reshapes the country’s financial landscape by bringing direct crypto trading into a long-established regulatory framework.

The announcement was made by CFTC Acting Chair Caroline Pham, who described it as a historic moment that provides Americans with the customer protections and market integrity they deserve. The decision follows months of coordination among US regulators and aligns with guidance from the President’s Working Group on Digital Asset Markets.

A New Era for Regulatory Oversight

Until now, the CFTC’s authority over crypto has primarily focused on derivatives like futures and options. Spot markets—where assets are bought and sold for immediate delivery—largely fell outside its jurisdiction. This regulatory gap pushed a significant amount of trading activity to offshore platforms operating under less stringent rules.

Under the new framework, the CFTC will apply its existing authority to oversee spot trading for digital assets it classifies as commodities, such as Bitcoin and Ethereum. This change also integrates leveraged retail crypto trades into the same regulated system that governs traditional commodities, offering a clear path for domestic platforms.

This policy shift was enabled by growing cooperation between Washington’s top financial regulators. A joint statement from the CFTC and the Securities and Exchange Commission (SEC) in early September 2025 clarified that exchanges registered with either agency could support certain spot crypto products, easing previous jurisdictional tensions.

Industry Players Prepare for New Offerings

Several major financial platforms have already been in discussions with the CFTC to launch products under the new rules. The list includes established players like CME Group, Cboe Futures Exchange, and ICE Futures, as well as crypto-native firms such as Coinbase Derivatives, Kalshi, and Polymarket U.S.

The approval addresses years of calls from the crypto industry for clearer regulations. Previously, ambiguity around rules for leveraged retail commodity trades created uncertainty and drove much of that market overseas. Allowing these activities on regulated exchanges now provides a compliant option within the United States.

This development unfolds as the CFTC undergoes a leadership transition and Congress considers legislation to formally grant the agency primary oversight of crypto spot markets. While the move is a significant step, some lawmakers have raised concerns about whether the CFTC, with just over 500 staff members, has the resources to manage its expanded responsibilities, especially compared to the SEC’s 4,000-plus employees.