Author: ChandlerZ, Foresight News
On December 4, Caroline D. Pham, acting chair of the U.S. Commodity Futures Trading Commission (CFTC), announced that cryptocurrency spot products will begin trading for the first time on federally regulated CFTC-registered futures exchanges in the United States.
This move is one of the initial agendas launched under the "Crypto Sprint" program, aimed at implementing the government's pro-cryptocurrency policy objectives. Other components of the program include enabling tokenized collateral (including stablecoins) in the derivatives market and making technical amendments to CFTC regulations regarding collateral, margin, clearing, settlement, reporting, and record-keeping to support the use of blockchain technology and market infrastructure (including tokenization) in the market.
Bitnomial will launch the first CFTC-regulated spot cryptocurrency market.
As early as December 2023, the CFTC approved the Bitcoin futures platform Bitnomial to register as a derivatives clearing organization in the U.S., allowing it to settle margin futures and options contracts. Bitnomial has been authorized to operate as a designated contract market, allowing it to list futures and options contracts while also functioning as a futures commission merchant, enabling it to trade with clients.
In October 2024, Bitnomial also sued the U.S. SEC, accusing it of overextending its jurisdiction over digital assets, a case involving CFTC-regulated XRP futures contracts. Bitnomial stated in the lawsuit that futures fall solely under the jurisdiction of the Commodity Futures Trading Commission, and the SEC's involvement would significantly increase the regulatory burden on the company.
In November of this year, Caroline Pham confirmed that she is currently in talks with several designated contract markets (DCM) under CFTC regulation. The list includes CME, Cboe Futures Exchange, ICE Futures Exchange, crypto-native platform Coinbase Derivatives, and prediction markets Kalshi and Polymarket US. The discussions involve launching cryptocurrency spot trading products with margin, leverage, and financing features.
In an interview, she stated, "As we continue to work with Congress to bring legislative clarity to these markets, we are also leveraging existing authority to swiftly implement the recommendations in the 'Presidential Working Group on Financial Markets Report on Digital Assets.'"
Caroline Pham's Regulatory Path: From Adjusting Enforcement Approach to Building Communication Mechanisms
Driving the aforementioned regulatory shift is Caroline Pham's regulatory path, which she has led over the past year. After taking over as acting chair at the beginning of the year, she quickly adjusted the CFTC's enforcement strategy in the crypto space. In previous years, regulators faced the issue of resource dispersion, with too much energy consumed in repeated battles with compliant platforms. Caroline emphasized refocusing on core illegal activities such as market fraud and manipulation, initiating a series of reforms to establish a clear development path for compliant projects.
At the policy level, the CFTC's "Crypto Sprint" program has become the execution framework. This program covers everything from the listing of spot contracts to the entry of tokenized collateral into the derivatives clearing system, as well as a series of technical amendments surrounding margin, clearing, settlement, and reporting, aiming to establish a clearer federal regulatory framework for crypto assets, especially non-securities digital assets.
The core of the program is to promote compliant trading of spot crypto assets on CFTC-registered futures exchanges (DCM) and to fill long-standing regulatory gaps in market structure, custody, stablecoin regulation, and anti-money laundering standards. By incorporating crypto trading involving leverage, margin, or financing into the existing commodity trading regulatory framework, the CFTC aims to enhance trading transparency and reduce reliance on unlicensed or offshore platforms, thereby addressing the long-standing issue of the U.S. crypto spot market being in a regulatory gray area.
To further strengthen communication between regulators and the industry, Pham proposed the establishment of a "CEO Innovation Committee" in November, opening a nomination channel for CEOs from technology, finance, and crypto sectors. The committee is positioned to provide professional input for the CFTC to expand its regulatory capabilities over digital assets and improve rules for new business models such as prediction markets, while also establishing a stable communication channel between institutions and regulators. The main complaint from the crypto industry regarding U.S. regulation has been the lack of interaction with frontline participants in policy-making; now, the emergence of this structure indicates a shift from one-way enforcement to two-way collaboration, providing a new discussion platform for future regulatory refinement.
The Emergence of a New Market Landscape by the CFTC
Following the approval of spot trading, the CFTC's regulatory path is gradually taking shape in two model markets. On one end is Bitnomial, which plays the role of a compliant spot market. Under the DCM framework, spot, futures, and options can operate within a unified trading and clearing system, making it easier for traditional financial institutions to access digital assets.
On the other end is the prediction market platform Polymarket. In November, the CFTC approved its amended designation order, allowing it to enter the U.S. market through intermediary channels, provided it meets stricter monitoring systems, clearing procedures, and regulatory reporting requirements. Polymarket stated that it has developed a more comprehensive monitoring system, market regulatory policies, clearing procedures, and capabilities for regulatory reporting under Part 16. Polymarket will implement additional rules, policies, and processes applicable to intermediary trading before officially launching.
According to Bloomberg, the cryptocurrency exchange Gemini, founded by Tyler and Cameron Winklevoss, is planning to launch prediction market contracts and enter the prediction market space. Gemini applied to the CFTC in May of this year to establish a designated contract market (DCM) and is considering launching prediction-related derivative contracts on that platform. This application is still under review.
Bitnomial and Polymarket represent the CFTC's different visions for the spot market and innovative contracts, together constructing the embryonic form of the digital commodity market envisioned by regulators, allowing spot, derivatives, and prediction products to develop in a coordinated manner within a unified framework.
Caroline also stated in a previous speech that the CFTC is exploring whether it can recognize overseas cryptocurrency trading platforms that follow sound, specifically tailored rules for cryptocurrencies (such as the EU MiCA framework) under the U.S. cross-border regulatory framework. This statement follows the CFTC's recent reaffirmation of its long-standing Foreign Board of Trade (FBOTs) framework, which allows certain non-U.S. cryptocurrency trading platforms already regulated by foreign regulatory authorities to provide direct trading access to U.S. traders by registering with the CFTC as FBOTs rather than as designated contract markets (DCM).
CFTC Approaching the Role of "Primary Regulator" for Digital Commodity Spot Trading
The policy environment in 2025 makes the CFTC's positioning increasingly clear. In September, the SEC and CFTC issued a joint statement clarifying that exchanges registered with the SEC and CFTC are not prohibited from offering trading of certain spot cryptocurrency products, further advancing the SEC's "Project Crypto" and the CFTC's "Crypto Sprint" program, and discussing perpetual contracts, 24-hour markets, event contracts, and DeFi innovation exemptions.
At the same time, related bills being discussed in Congress are pushing for a delineation of functions between the SEC and CFTC, with security tokens falling under the SEC and digital commodities, along with their spot and derivatives trading, falling under the CFTC. Both are collaborating to reduce overlapping regulation and regulatory gaps, promoting the formation of a more unified federal regulatory framework. This plan is currently being gradually refined through public consultations and phased advancements, focusing on establishing an enforceable rule system for digital assets rather than promoting the development of specific industries.
Thus, Michael Selig, the CFTC chair nominee nominated by Trump, has garnered significant attention. Michael Selig, who comes from the SEC's crypto special working group and served as the chief advisor to the SEC's cryptocurrency special working group, has extensive familiarity with gray area issues at the boundary of securities and commodities. His transition to lead the CFTC is seen as an effort to upgrade temporary policy arrangements into long-term regulatory designs based on the existing achievements of the "Crypto Sprint."
Currently, the U.S. Senate Agriculture Committee has approved Michael Selig's nomination by a vote of 12 to 11, which will be sent to the Senate for a full vote. Whether it is the comprehensive takeover of the spot market or the delineation of responsibilities with the SEC, the new chair is likely to become a key player in the future restructuring of U.S. cryptocurrency market regulation.
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