On 4 August 2025, the United States Commodity Futures Trading Commission (US CFTC) has announced the launch of an initiative to enable trading of spot crypto asset contracts listed on a CFTC-registered futures exchange, or designated contract market (DCM). The move is detailed in the announcement Acting Chairman Pham Launches Listed Spot Crypto Trading Initiative and represents the first concrete step in the agency’s “crypto sprint” to implement recommendations from the President’s Working Group on Digital Asset Markets report.
US CFTC’s Chairman’s Statement and Policy Direction
“Under President Trump’s strong leadership and vision, the CFTC is full speed ahead on enabling immediate trading of digital assets at the Federal level in coordination with the SEC’s Project Crypto,” said Acting Chairman Pham. “There is a clear and simple solution the CFTC can implement now… Together, we will make America the crypto capital of the world.”
The Chairman’s remarks is a politically aligned push for accelerated federal digital asset market infrastructure. By invoking both the Commodity Exchange Act and cross-agency coordination with the US SEC, the statement frames the initiative as both legally grounded and strategically urgent.
Scope of the Consultation
The US CFTC invites feedback on “section 2(c)(2)(D) of the Commodity Exchange Act, Part 40 of CFTC regulations, and whether there are any implications under the securities laws or regulations with respect to an SEC framework for trading of non-security assets that are part of an investment contract.”
This scope suggests the consultation is not limited to commodity regulation but extends to potential overlap with securities frameworks. This opens the door to coordinated policy between the CFTC and SEC, addressing market uncertainty over digital asset classifications.
Public Participation and Timeline
“Members of the public may provide written input by August 18 by submitting a comment on the CFTC website. Submissions will be published on CFTC.gov.”The August 18 deadline reflects the Commission’s intent to move swiftly, consistent with its “crypto sprint” positioning. Public publication of submissions indicates transparency in the decision-making process, allowing market participants to evaluate a spectrum of stakeholder positions.
Under the US Commodity Exchange Act, retail trading of commodities with leverage, margin, or financing must take place on a DCM. The proposed approach leverages this authority to bring spot crypto asset contracts into a regulated environment without additional legislative amendments. This allows for immediate regulatory clarity and operational readiness, relying on existing statutory powers rather than awaiting new congressional action. It also positions the CFTC as a primary driver of federally regulated spot crypto markets.
(Source: https://www.cftc.gov/PressRoom/PressReleases/9105-25)
