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CFTC Moves to Permit Spot Crypto Trading on Registered Futures Exchanges

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The U.S. Commodity Futures Trading Commission (CFTC) announced plans to launch an initiative allowing spot trading of crypto asset contracts on futures exchanges registered with the agency. This effort aims to further integrate digital assets into traditional finance and could accelerate broader crypto adoption.

Acting Chair Caroline Pham explained that the CFTC will work alongside the Securities and Exchange Commission’s Project Crypto to enable federal-level trading of digital assets. The agency has opened a public comment period to gather input on how to designate spot crypto asset contracts for trading on regulated markets.

Industry leaders welcomed the move as a significant step toward aligning crypto markets with conventional financial standards. Saad Ahmed, head of Asia Pacific at Gemini, said the initiative could expand institutional and sophisticated investor participation worldwide.

The development follows several crypto-friendly actions by the Trump administration, including bills like the GENIUS Act and CLARITY Act aimed at creating tailored regulatory frameworks. Shortly after taking office, President Trump established a crypto working group tasked with recommending new regulations, fulfilling his campaign pledge to overhaul U.S. crypto policy.

Last week, the administration released a landmark report urging the SEC to implement specific rules for digital assets and encouraged the CFTC to use its existing powers to “immediately enable” federal digital asset trading. Trump, who branded himself the “crypto president” during his campaign, received substantial financial support from the crypto industry and Republican congressional candidates.

SEC Chair Paul Atkins recently outlined multiple pro-crypto initiatives, including developing clearer guidelines on when a crypto token qualifies as a security and proposals for disclosure and exemption rules.

The dual approach by the CFTC and SEC marks a victory for the crypto sector, which has long sought tailored regulations. It may also benefit exchanges, which have dominated spot trading by operating in a regulatory gray area.

Joseph Edwards, head of research at Enigma Securities, expressed optimism that a wider range of digital assets beyond Bitcoin and Ethereum could establish themselves on U.S. trading platforms over the next two years, aided by initiatives like this.

However, the success of these initiatives hinges on resolving fundamental questions about whether digital assets should be regulated as commodities or securities—a longstanding issue for U.S. regulators.

Neither the CFTC nor the SEC has provided further comments yet.

This shift under the Trump administration sharply contrasts with the Biden administration’s regulatory crackdown, which has included lawsuits against major exchanges such as Coinbase and Binance for alleged violations of U.S. laws. The Trump-era SEC has reportedly dropped these cases.

Coinbase Seeks SEC Approval to Offer Tokenized Stocks on Blockchain

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Coinbase is pursuing approval from the U.S. Securities and Exchange Commission (SEC) to offer tokenized equities—digitally represented stocks traded on blockchain technology—to its customers, according to Paul Grewal, Coinbase’s chief legal officer.

If approved, Coinbase would enter direct competition with retail brokers like Robinhood and Charles Schwab by allowing users to trade stocks in token form. This new service could open a significant business segment for the crypto exchange.

What Are Tokenized Equities?

Tokenized equities convert traditional shares into digital tokens, enabling investors to hold and trade ownership rights on a blockchain network. Advocates argue that tokenization can:

  • Reduce trading costs

  • Enable faster settlement of trades

  • Allow 24/7 trading outside conventional market hours

Challenges and Regulatory Context

Despite enthusiasm, the concept faces hurdles, including limited secondary-market liquidity and the absence of global regulatory standards, as highlighted by a recent World Economic Forum report.

Currently, U.S. law requires securities trading platforms to be registered as broker-dealers. Coinbase previously faced an SEC lawsuit for allegedly operating as an unregistered broker-dealer, but the case was dropped this year under the Biden administration.

To move forward, Coinbase needs a “no-action letter” or exemptive relief from the SEC—an assurance that the SEC would not take enforcement action if Coinbase offers tokenized stock trading.

Grewal emphasized that such regulatory clarity is vital for boosting institutional adoption of crypto and blockchain technologies.

Market Context

  • Coinbase’s competitor Kraken recently launched tokenized U.S. equity tokens, called xStocks, but only outside the U.S.

  • The SEC under President Trump has adopted a more industry-friendly approach, dropping several lawsuits against crypto firms and creating a task force for digital asset regulation.

No official submission date or launch timeline for Coinbase’s tokenized equities service has been disclosed.

Japan Considers Legalizing Crypto Assets to Curb Insider Trading

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Japan Moves Toward Legal Recognition of Crypto Assets Amid Regulatory Overhaul

Japan is reportedly preparing to grant legal status to cryptocurrencies by amending the Financial Instruments and Exchange Act, a significant move that could reshape the country’s digital asset landscape. Spearheaded by the Financial Services Agency (FSA), the initiative is designed to bring cryptocurrencies under tighter regulatory control while simultaneously promoting innovation and growth within the sector. One of the primary motivations behind the change is to combat insider trading, which has become an increasing concern as crypto adoption rises.

According to a report by Nikkei Asia, the FSA is now conducting a comprehensive review of Japan’s existing financial regulations to identify the necessary updates that would allow for the legal classification of cryptocurrencies as financial products. This process is being carried out behind closed doors, with participation from select industry experts who will help the FSA navigate the technical and legal complexities involved.

The reform process is expected to progress over the next year, with the FSA aiming to finalize its analysis and present a draft bill to the Japanese parliament by 2026. If approved, this legislation would require all firms involved in crypto-related investments or activities to register with financial regulators—an obligation that currently applies only to cryptocurrency exchanges operating within the country.

By granting crypto assets formal legal recognition, Japan hopes to foster a safer and more transparent trading environment. This step could also set a precedent for other nations grappling with how to integrate cryptocurrencies into their financial systems. At the same time, it underscores the balancing act regulators face in trying to support innovation while protecting investors and preserving market integrity.