US Commodities Regulator Accelerates Spot Crypto Trading Initiative

The CFTC announced that it is advancing efforts to allow spot crypto trading on federally regulated exchanges, a move that will enhance the Trump administration’s goal of making America a global leader in the digital assets space, according to a press release on Tuesday, 

“The Administration has made it clear that enabling immediate trading of digital assets at the Federal level is a top priority,” said Acting Chairman Caroline D. Pham, underscoring that the effort is part of delivering President Donald Trump’s promise to “win on crypto.”

What’s at stake

The CFTC, historically tasked with regulating commodities and derivatives, sits at the heart of the long-running debate over whether digital assets should be classified as commodities or securities.

While the Securities and Exchange Commission (SEC) previously pushed to treat most tokens as securities, an approach championed by the Biden administration, the CFTC is now framing major cryptocurrencies like Bitcoin and Ether as commodities. This would in turn put their regulation under the CFTC.

This distinction may define the future structure of US crypto markets as they are regulated under US law.

Earlier this month, the agency’s first “sprint” explored the trading of spot crypto asset contracts on CFTC-registered futures exchanges. The push followed the Trump White House’s 166-page policy blueprint on crypto, which included 18 recommendations for the CFTC, released on 23 January, 2025.

Feasibility in question

Market participants have until 20 October to submit written feedback on the initiative.

Yet uncertainty remains: President Trump’s nominee for the permanent CFTC Chair, Brian Quintenz, has yet to be confirmed by the Senate, leaving the regulator with only two active commissioners.

The CFTC is now inviting public comments on the initiative and other recommendations from the working group. Those following this development have until 20 October to submit input on how the agency should structure its oversight of digital assets.

If successful, the initiative could solidify the CFTC’s role in shaping regulatory framework that continues to boost the US digital asset industry.