For the first time in the United States, spot cryptocurrency trading is set to take place on federally regulated futures exchanges, a step that reshapes how digital assets fit into the country’s financial system.
The update was announced on Thursday by Acting Chair of the Commodity Futures Trading Commission (CFTC), Caroline Pham. She said that exchanges registered with the agency will soon be allowed to list spot crypto products, following months of behind-the-scenes coordination among U.S. regulators.
The move also reflects guidance from the President’s Working Group on Digital Asset Markets.
Pham described the announcement as a historic moment, saying spot crypto will now be able to trade on exchanges that have operated under strict federal standards for nearly a century.
She said the goal is to give U.S. investors access to familiar, well-regulated venues that already enforce strong protections and market safeguards.
— Caroline D. Pham (@CarolineDPham) December 4, 2025
Until now, the CFTC’s role in crypto has mostly centered on derivatives such as futures and options.
Spot markets, the direct buying and selling of assets, fell mostly outside its jurisdiction, pushing significant trading activity to offshore platforms with looser rules.
Under the new framework, the CFTC will apply its existing authority to oversee spot trading for digital assets it considers commodities, including Bitcoin and Ethereum.
The change also folds leveraged retail crypto trades into the same regulated exchange system that has long governed traditional commodities markets.
The decision also reflects growing regulatory cooperation in Washington. In early September, the CFTC and the Securities and Exchange Commission issued a joint statement clarifying that exchanges registered with either agency are not barred from supporting certain spot crypto trades.
— Cryptonews.com (@cryptonews) September 3, 2025
That guidance eased longstanding jurisdictional tensions between the two regulators.
Pham said the approval ties into the CFTC’s wider Crypto Sprint initiative, which spans several areas of digital finance.
The program includes work on tokenized collateral, the use of stablecoins in derivatives markets, and updates to clearing, settlement, and recordkeeping rules using blockchain-based systems.
The change also responds to years of pressure from the crypto industry for clearer rules. Under current law, leveraged retail commodity trades must take place on registered exchanges and involve physical delivery of the asset within 28 days.
That requirement created uncertainty for crypto markets and pushed much of the activity overseas. Allowing spot and leveraged crypto trading on Designated Contract Markets offers a regulated option within the U.S. system.
Several major platforms have already held talks with the CFTC about launching products under the new framework. These include CME Group, Cboe Futures Exchange, ICE Futures, Coinbase Derivatives, Kalshi, and Polymarket U.S.
Earlier this month, Pham confirmed that the agency was in direct discussions with multiple firms seeking approval for spot and leveraged crypto offerings.
— Cryptonews.com (@cryptonews) November 10, 2025
#crypto #regulation https://t.co/wSaWVJ4lEh
The policy change is unfolding at a time when the CFTC itself is going through a leadership transition. Pham took over as acting chair in January after former Chair Rostin Behnam stepped down.
She is set to leave once the Senate confirms President Donald Trump’s nominee, Michael Selig, whose confirmation vote is now moving toward the full chamber.
Meanwhile, lawmakers in Congress are advancing legislation that could officially place crypto spot markets under the CFTC’s primary supervision. As those plans take shape, some lawmakers have questioned whether the agency has the manpower to manage the expanded duties.
Right now, the CFTC employs just over 500 staff members, a small figure compared with the more than 4,000 employees at the Securities and Exchange Commission.
Outside of its enforcement role, the agency is also stepping up its work with the private sector.
In November, Pham announced plans to launch a new CEO Innovation Council and opened public nominations to help shape future policy on digital assets and prediction markets.
The post “First Time Ever”: CFTC Greenlights Spot Crypto Trading on Regulated U.S. Exchanges appeared first on Cryptonews.
Bitcoin Magazine
Cboe to Launch Continuous Bitcoin Futures on December 15
Cboe Global Markets, Inc. (Cboe: CBOE) announced it will begin offering Bitcoin Continuous Futures (PBT) on its Cboe Futures Exchange (CFE) starting December 15, pending regulatory approval.
Ethereum Continuous Futures will also be offered. Earlier this year, CBOE had announced a November 10 start date but has since delayed the launch.
These new futures are designed to give traders long-term exposure to bitcoin without some of the operational headaches of traditional futures. Each contract has a 10-year expiration and a daily cash adjustment, which means positions are automatically updated every day to reflect the underlying asset’s price.
In effect, this creates a “perpetual” exposure. Traders no longer have to manually roll contracts every few months, which has been a major friction point for investors using conventional futures.
“As perpetual futures have historically been traded offshore, Cboe is excited to help expand access to these products within a U.S.-regulated, transparent, and intermediary-friendly environment,” said Rob Hocking, Global Head of Derivatives at Cboe. He added that the product is designed to help investors manage risk efficiently, gain leveraged exposure, and execute tactical trades in digital assets.
The new contracts will use real-time price data from Kaiko, a digital asset market data provider, to track bitcoin and ether. Each day, a “Funding Amount” adjusts open positions to keep the futures price closely aligned with the spot market.
This ensures that the contract accurately reflects the value of the underlying crypto, which is important for anyone using these contracts to hedge or speculate.
Anne-Claire Maurice, Managing Director of Derived Data at Kaiko, noted that these U.S.-regulated continuous futures remove much of the operational friction that institutional investors face when managing offshore perpetual contracts.
“They allow investors to gain long-term crypto exposure efficiently, while still benefiting from the oversight and transparency of regulated markets,” she said.
The contracts will be cash-settled and centrally cleared through Cboe Clear U.S., a CFTC-regulated clearinghouse. This reduces counterparty risk, making it safer for traders compared with unregulated or offshore derivatives.
Margin requirements will follow CFTC rules, and there may be opportunities to offset margin requirements with other CFE-listed futures, such as the Financially Settled Bitcoin (FBT) and Financially Settled Ether (FET) contracts.
In short, Cboe’s continuous futures bring the convenience of perpetual-style crypto exposure to a regulated U.S. market. Traders can now hold positions in bitcoin and ether long-term without the need for constant contract rollovers, while benefiting from transparency, centralized clearing, and regulatory oversight.
This post Cboe to Launch Continuous Bitcoin Futures on December 15 first appeared on Bitcoin Magazine and is written by Micah Zimmerman.
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