Commodity Futures Trading Commission (CFTC) Acting Chairman Caroline Pham, currently the only CFTC Commissioner of the five-member commission, announced on Dec. 4, 2025, that spot trading in cryptocurrency products will be available on CFTC-regulated exchanges for the first time.
Although CFTC focuses primarily on regulating futures contracts, derivatives, and swaps, the Commodity Exchange Act (CEA) also confers jurisdiction on retail spot market commodity transactions offered or entered into on a financed, leveraged, or margined basis. Under the CEA, such transactions must be conducted on a CFTC-regulated exchange.
Acting Chairman Pham's announcement did not specify which cryptocurrencies would be available on exchange-traded markets. Media reports indicate that the first exchange on which spot crypto trading will be offered is Bitnomial Exchange, LLC. The resulting spot crypto trades will be cleared through Bitnomial Clearinghouse, LLC.
Acting Chairman Pham said that spot crypto trading on CFTC-registered exchanges "implements recommendations from the President's Working Group on Digital Asset Markets."
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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
