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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.

Trump’s $100 Million Crypto Investor Aqua 1 Foundation Remains a Mystery

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A previously little-known entity called Aqua 1 Foundation made headlines in late June by purchasing $100 million worth of crypto tokens from President Donald Trump’s World Liberty Financial platform, becoming the largest publicly disclosed investor in the venture. Despite the size of the investment, very little is known about Aqua 1’s origins, funding sources, or its named founding partner, Dave Lee.

Reuters’ investigation found no clear information about Aqua 1’s backers or how to contact Lee directly. The company provided only a brief, unsigned statement refusing to disclose further details, stating it is “backed by a group of long-term, mission-aligned partners” and led by Lee and a global team with expertise in web3 and digital asset infrastructure.

The purchase significantly benefits the Trump family, who reportedly receive about 75% of proceeds from World Liberty tokens, meaning Aqua 1’s investment injected tens of millions of dollars into their personal wealth. Since its launch last fall, the Trump family has earned an estimated $500 million from the platform.

White House Deputy Press Secretary Anna Kelly stated that Trump has taken steps to avoid conflicts of interest, emphasizing that his assets are held in a trust managed by his children, and highlighted the president’s push to position America as a global crypto leader.

Most buyers of the World Liberty tokens remain anonymous, but some are known, such as Chinese investor Justin Sun, who previously bought $75 million worth, and Dubai-based DWF Labs, which invested $25 million. Representatives for DWF Labs said they have no connection to Aqua 1 or Lee.

Aqua 1 announced its investment alongside plans to launch a new fund aimed at advancing the Middle East’s digital economy transformation, set to be listed in the Abu Dhabi Global Market (ADGM) financial center. However, ADGM confirmed that Aqua 1 is not registered, licensed, or affiliated with it.

Questions about Aqua 1’s legitimacy and transparency come amid growing scrutiny of Trump’s crypto ventures by U.S. political rivals and ethics experts, concerned about potential conflicts of interest as his administration influences crypto regulation. Critics argue the opacity of investors like Aqua 1 fuels suspicion about foreign influence on the White House.

Aqua 1 describes itself as a “Web3-native fund based in UAE with a global outlook,” but Reuters found no evidence of its registration with UAE’s main financial regulators, including Abu Dhabi Global Market, Dubai International Finance Centre, or the Securities and Commodities Authority. Its website was created only in May 2025, lacks detailed leadership or financial information, and its registrants remain anonymous.

Dave Lee, the supposed founding partner, has a minimal public presence. His social media profile contains sparse posts, with a manga-style avatar and mentions locations including São Paulo, New York, Hong Kong, and Abu Dhabi. The crypto wallet linked to Aqua 1 shows limited transaction history, mainly transfers to World Liberty, and an estimated $100 million in assets under management, suggesting World Liberty may be its sole major investment.

This mystery surrounding Aqua 1 adds to concerns about transparency and potential foreign influence in President Trump’s crypto-related businesses, raising calls for greater public disclosure on the origins of the large sums flowing into the World Liberty project.

European Securities Regulator Warns Crypto Firms Against Misleading Customers on Regulation

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Europe’s securities regulator, the European Securities and Markets Authority (ESMA), issued a warning on Friday to crypto companies about misleading customers regarding the regulatory status of their products. The caution comes as European authorities intensify efforts to curb risks associated with crypto assets.

Under the EU’s new crypto regulation framework, known as MiCA, a series of investor protections are in place, including rules on safeguarding client assets and managing complaints. However, ESMA highlighted concerns over crypto asset service providers (CASPs) offering both regulated and unregulated products on the same platform, which poses risks to investors who may not clearly understand which products fall under MiCA’s protections.

ESMA pointed out that some CASPs might exploit their regulated status as a marketing tool, potentially confusing customers about which services are regulated. The regulator stressed that firms must not use their MiCA licensing as a promotional device or suggest that all crypto offerings are covered by the EU’s rules when they are not.

Products outside MiCA’s regulatory scope include direct investments in commodities like gold and crypto lending services.

The move follows global regulatory concerns about crypto investor risks, especially after the collapse of major crypto platforms such as FTX in 2022, which resulted in significant investor losses.

MiCA requires companies offering crypto services to obtain a license from national regulators, enabling them to operate across the EU. ESMA also issued guidance on the knowledge and competence standards that staff should meet to properly assess crypto companies.

ESMA’s warning coincides with the release of a peer review on Malta’s licensing process for crypto firms. The review found that while Malta’s Financial Services Authority has sufficient expertise and resources, its authorization procedures only “partially” met expected standards. Malta defended its role as an early adopter of digital asset regulation but did not directly respond to ESMA’s critique.

Concerns have been raised behind closed doors about the rapid pace at which some EU member states grant crypto licenses, according to previous Reuters reports.