Spot Cryptocurrency Trading Could Soon Start on Exchanges, CFTC Boss Says

Spot crypto products may start trading on U.S. exchanges by December, according to Caroline Pham, acting chair of the Commodity Futures Trading Commission (CFTC). Her confirmation came in a post on X, where she responded “True” to a CoinDesk story reporting that she has been in conversations with exchanges about introducing spot crypto offerings.

Pham noted that while lawmakers continue to work on broader policy, the agency is using its current powers to implement the recommendations outlined in the President’s Working Group on Digital Asset Markets report.

The working group was created in January by President Trump to chart a national approach to crypto oversight and promote responsible leadership in the sector. Led by senior officials from several federal regulators, the panel released a report in July urging the United States to set clear rules for digital asset market structure, with the CFTC identified as the most suitable agency to serve as the main supervisor.

Although Congress has yet to advance major crypto legislation, Pham has continued to rely on provisions within the Commodity Exchange Act to push policy forward. CoinDesk reported that the talks involve potential spot products that include leveraged trading. Such instruments would allow investors to increase exposure to an asset by borrowing funds through brokers or exchanges.

The products would be listed on designated contract markets (DCMs), exchanges that operate under CFTC licenses to list standardized futures and options products. Current DCMs include ICE Futures US, Cboe Digital Exchange, Bitnomial, Coinbase Derivatives, and the prediction markets Polymarket and Kalshi. Sources indicated that Bitnomial and Coinbase, both focused on digital assets, are positioned to move first if the initiative proceeds.

Moving spot crypto trading onto regulated venues could draw more institutional investors, who often prefer familiar safeguards such as established compliance rules, oversight systems, and clearer dispute mechanisms.

Pham has taken a series of steps in support of the crypto sector since assuming leadership this year. The CFTC is also exploring ways to allow stablecoins to serve as collateral in derivatives markets, another policy shift that could affect trading activity.

Pham’s term as acting chair is expected to end once the Senate considers President Trump’s nominee for the permanent role, Mike Selig, who currently serves as chief counsel for the SEC’s Crypto Task Force. Sources say he is in contact with Pham and is likely to continue the agency’s recent direction if confirmed.

These positive moves to clarify the regulatory landscape governing the crypto industry will be welcomed by the entire ecosystem, including entities like Riot Blockchain Inc. (NASDAQ: RIOT).

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