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ARTICLE · 07 AUGUST 2025

CFTC Launches Listed Spot Crypto Trading Initiative

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The Commodity Futures Trading Commission (CFTC) has launched its Listed Spot Crypto Trading Initiative, which aims to establish a framework for retail trading of leveraged, margined...

United StatesTechnology
Daniel J. Davis
Daniel J. Davis
Carl E. Kennedy
Carl E. Kennedy
Alexander C. Kim
Alexander C. Kim
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The Commodity Futures Trading Commission (CFTC) has launched its Listed Spot Crypto Trading Initiative, which aims to establish a framework for retail trading of leveraged, margined, or financed spot crypto asset contracts (Retail Crypto Contracts) on CFTC-registered designated contract markets (DCMs).

The initiative would utilize existing authority under the Commodity Exchange Act (CEA), which requires that retail trading of commodities with leverage, margin, or financing must be conducted on DCMs. The CFTC is exploring how to implement such a framework using current regulatory tools. As background, retail commodity transactions involving leverage, margin or financing are subject to CFTC's plenary jurisdiction unless they result in "actual delivery" within 28 days. In 2020, the CFTC issued interpretive guidance clarifying what constitutes "actual delivery" for digital assets. Despite this guidance, no DCM has listed Retail Crypto Contracts in the five years since

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