Registered Exchanges Can Now List Spot Crypto Contracts, Says CFTC

Jimmy Aki
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On August 4, the U.S. Commodity Futures Trading Commission (CFTC) introduced a new initiative that allows registered exchanges to offer trading in spot crypto contracts. Under this program, exchanges designated as Designated Contract Markets (DCMs) may now offer these contracts to the investing public.

Public Feedback Submission Ends on August 18

In a recent press release, CFTC Acting Chairman Caroline D. Pham pointed to the agency’s existing oversight under the Commodity Exchange Act.

The law already requires retail trading of leveraged or margined commodities to take place on registered exchanges, known as Designated Contract Markets.

Pham said the CFTC doesn’t need new laws to act. The solution, she emphasized, is clear and simple. The agency is now seeking public input, with the comment window open until August 18, 2025.

Depending on the feedback received, the agency could move forward with a formal rulemaking process as early as 2026.

This decision aligns with the CFTC’s broader Crypto Sprint, an accelerated effort to implement reforms recommended by President Donald Trump’s Working Group on Digital Asset Markets.

Among the group’s 18 recommendations, two fall under the purview of the CFTC.

The agency must provide clear guidance on when a digital asset should be treated as a commodity. It must also review and revise its existing regulations to support blockchain-based derivatives.

By allowing these regulated crypto trading platforms to list spot crypto contracts directly, the CFTC could finally narrow the pricing gap between futures and spot markets, thereby reducing risks and potentially attracting more institutional investors into the sector.

Collaboration with the SEC is also underway, as both federal agencies work towards creating structure and clarity in the rapidly expanding crypto ecosystem.

Regulators Hasten Plan to Make America the Crypto Capital of the World

With the Crypto Sprint and Project Crypto in motion, U.S. regulators are clearly in sync. Their goal is to make America the safest, most competitive hub for digital assets.

New legislation is helping speed things up. On July 18, President Trump signed the GENIUS Act, a law focused on stablecoins. It sets strong rules for who can issue them, ensuring that only well-funded and compliant operators are allowed.

On July 17, Congress passed the CLARITY Act. This law resolves the long-standing turf battles between regulators. It gives digital asset businesses and investors predictable rules, clear asset classifications, and strong legal backing.

Before these reforms, the U.S. crypto space was chaotic. Regulation-by-enforcement ruled.

Agencies like the CFTC and SEC clashed repeatedly over which digital assets they had the power to police. Was a token a security, commodity, or a payment vehicle? The answers varied, and often came too late.

Without a national outlook, the U.S. market fell behind. This led to the loss of innovators, who had to relocate to other jurisdictions where talents were rewarded. Investors also pulled back as confidence slumped in the market. The push for spot crypto contracts on registered exchanges is part of the solution.

This regulatory shift comes as prominent industry figures intensify their calls for clearer blockchain rules.

Michael Saylor, among others, has been quite vocal on the subject, urging regulators to provide decisive action or risk losing the next wave of digital innovation. His call reflects the wider industry frustration, but also hope.

Now, with the CFTC and SEC working in tandem, and with a regulatory framework taking shape, the odds are changing. America could become the global capital for crypto: regulated, resilient, and ready.

About Jimmy Aki PRO INVESTOR

Based in the UK, Jimmy is an economic researcher with outstanding hands-on and heads-on experience in Macroeconomic finance analysis, forecasting and planning. He has honed his skills having worked cross-continental as a finance analyst, which gives him inter-cultural experience. He currently has a strong passion for regulation and macroeconomic trends as it allows him peek under the global bonnet to see how the world works.