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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.

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Crypto Giants Near EU-wide Licenses Amid Regulatory Tensions

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Two of the largest cryptocurrency firms are close to securing EU-wide licenses under the bloc’s new Markets in Crypto-Assets (MiCA) regulation, sources say, even as regulatory disagreements grow over how quickly and rigorously some member states are approving crypto companies.

MiCA, which came into force earlier this year, allows EU countries to issue licenses enabling crypto firms to operate across all 27 member states. However, concerns have emerged behind closed doors about the speed and standards of some approvals—particularly those from smaller regulators like Malta.

Gemini, the crypto trading platform founded by billionaire Winklevoss twins Tyler and Cameron, is reportedly on the brink of receiving a Maltese license. Malta has previously granted licenses to crypto firms such as OKX and Crypto.com shortly after MiCA’s introduction, drawing criticism from regulators in countries like France, where the financial regulator AMF warned of a potential “regulatory race to the bottom.”

Other EU regulators have voiced concern that smaller authorities with fewer staff, like Malta’s, may not have sufficient resources to rigorously enforce rules. The European Securities and Markets Authority (ESMA) is reviewing Malta’s licensing process and is expected to release a report soon.

The Malta Financial Services Authority defended its fast approvals, citing years of experience and strict anti-money laundering standards. OKX also described its licensing as “rigorous” and compliance-focused.

Meanwhile, Luxembourg is expected to grant a license to Coinbase, the first U.S. crypto company in the S&P 500, though the company’s European operation in Luxembourg is relatively small. Luxembourg’s financial regulator has declined comment, but insiders reject accusations of laxity, suggesting some criticism is driven by competition among member states to attract crypto businesses.

Coinbase’s pending approval represents a setback for Ireland, where skepticism toward crypto has grown, with the Irish Central Bank Governor calling it akin to a Ponzi scheme in 2023.

The global crypto market, currently valued around $3.3 trillion, has endured volatility including the 2022 collapse of major U.S. exchange FTX. The EU continues to struggle with regulatory divergence among member states, while discussions are ongoing about granting ESMA more direct authority over crypto oversight.

ESMA’s head, Verena Ross, has advocated publicly for enhanced powers, but some EU countries remain cautious.