A New Era Begins: CFTC Approves Spot Bitcoin On Regulated US Markets

By: Christian Encila

5 December 2025 at 04:00

Regulators in Washington on Thursday cleared a major step that lets Americans trade spot Bitcoin and other cryptocurrencies on federally registered exchanges for the first time.

According to the Commodity Futures Trading Commission, listed spot crypto products may now be offered on exchanges registered with the agency, a move announced on December 4, 2025.

Regulated Spot Trading Begins

The action comes from a CFTC press release labeled Release No. 9145-25 and that the change allows spot crypto contracts to be listed on futures exchanges that are registered with the CFTC.

The regulator said its rules now permit such listings to trade under the oversight and surveillance standards those exchanges already follow.

.@CFTCpham Announces First-Ever Listed Spot Crypto Trading on U.S. Regulated Exchanges: https://t.co/89Mx6f0ss4

— CFTC (@CFTC) December 4, 2025

Bitnomial Leads The Way

Bitnomial, a Chicago-based derivatives exchange, is set to be the first exchange to list such products, with plans to offer both leveraged and non-leveraged spot trading on its platform.

Market notices and statements show Bitnomial moved quickly to use the new framework, announcing a launch and filings that position it as the first US venue to trade listed spot crypto under CFTC rules.

What This Means For Investors

According to market commentators and reporting, the shift brings spot trades under long-standing market protections like clearing, surveillance and execution rules that apply to other listed products.

That can make some institutional players and big funds more willing to trade onshore. At the same time, regulators say this is meant to pull activity away from unregulated offshore venues and improve market oversight.

Acting Chairman Caroline Pham said the move is meant to strengthen the US position in the crypto market while giving traders access to safer and more transparent trading venues.

Risks Remain

Reports have disclosed that the change does not remove the underlying risks of crypto: prices can swing widely, and no regulatory move can stop market volatility.

Also, only exchanges that seek and obtain the proper CFTC registration will be able to use this route, so most offshore platforms remain outside US oversight for now.

Next Steps

Observers will be watching whether other US exchanges follow Bitnomial, how many retail investors gain access, and how the SEC responds on parallel issues such as token classification and custody rules.

The CFTC had flagged this pathway in August as part of a broader initiative to allow listed spot crypto trading, and agencies have since coordinated on guidance and public engagement.

The CFTC’s Acting Chairman said this brings spot crypto trading into a regulated setting Americans can trust, and that exchanges with the right protections can now list these products.

This development is part of a months-long policy push by the administration to create clearer rules for digital assets.

Featured image from Barron’s, chart from TradingView

CFTC Approves Spot Cryptocurrency Trading on Regulated U.S. Exchanges

Crypto News

By: Caroline Álvarez

4 December 2025 at 18:00

Multiple major exchanges—including CME, Cboe, ICE, and Coinbase—are in talks with the CFTC to launch spot and leveraged crypto products.

“First Time Ever”: CFTC Greenlights Spot Crypto Trading on Regulated U.S. Exchanges

Cryptonews

By: Hassan Shittu

4 December 2025 at 15:27

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 Calls Spot Crypto Approval on U.S. Exchanges a “Historic Moment”

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.

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.

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.

CFTC in Talks With CME, Coinbase, and Others as Crypto Market Oversight Expands

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.

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.

CFTC Opens Door for Spot Bitcoin and Crypto Trading in U.S. Markets

Bitcoin Magazine

By: Micah Zimmerman

4 December 2025 at 11:34

Bitcoin Magazine

CFTC Opens Door for Spot Bitcoin and Crypto Trading in U.S. Markets

The CFTC is opening the door for federally regulated spot crypto trading in the U.S. for the first time, with Bitnomial’s exchange opening up next week.

Acting Chairman Caroline Pham announced that listed spot crypto products will trade on CFTC-registered exchanges, marking a major milestone in the effort to bring digital asset trading to the United States and under full federal oversight.

The announcement coincides with the launch of Bitnomial, Inc., a U.S.-based derivatives exchange, which will operate the first-ever leveraged retail spot crypto exchange under CFTC regulation.

Bitnomial’s Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO) will allow both retail and institutional traders to trade spot, perpetuals, futures, and options on a single platform.

Unified portfolio margining and net settlement eliminate redundant margin requirements, boosting capital efficiency and reducing counterparty risk.

“Leveraged spot crypto trading is now available under the same regulatory framework as U.S. perpetuals, futures, and options,” said Luke Hoersten, founder and CEO of Bitnomial. “Broker intermediation and Clearinghouse net settlement provide the capital efficiency traders need. We’re bringing leveraged spot crypto trading back to the U.S. with CFTC oversight.”

Pham emphasized that the new framework gives Americans a safer alternative to offshore platforms, which have often been described as the “wild west.”

Speaking on Fox News, she highlighted the collapse of FTX as a cautionary tale, noting that many investors lost out due to a lack of regulatory protections.

“Not only do we want Americans to come back home to trade where they have the protections they deserve, but this also encourages U.S. companies to invest, build, and hire here,” Pham told Fox Business.

Under the new system, all orders—retail and institutional—will receive equal treatment. There is no preferential routing, no informational advantage, and equal access to liquidity, a structure long sought by industry participants.

For brokers and institutions, the move resolves longstanding compliance challenges related to state money transmitter rules, finally providing access to a federally regulated spot market.

The launch represents the culmination of Pham’s pro-innovation leadership at the CFTC. By recognizing that retail commodity transactions can be offered on a DCM and cleared through a DCO, the agency has created a compliant pathway for domestic leveraged spot crypto trading.

United States as a global crypto leader

This approach aligns with broader goals to make the U.S. a global hub for digital asset markets while maintaining investor protections. The convergence of spot, perpetuals, futures, and options on a single platform also transforms capital efficiency for traders.

Rather than maintaining fully collateralized positions across multiple venues, they can now offset risk across all product types on one exchange.

The Bitnomial platform is scheduled to go live the week of December 8, 2025. Pham called it a “historic milestone” for U.S. crypto markets and a key step in establishing the country as a leader in digital asset innovation.

CFTC greenlights Polymarket

Earlier this week, Polymarket, the crypto-based prediction market platform, launched a U.S.-focused app today after receiving CFTC approval, ending nearly four years of restrictions on American users.

Polymarket bypassed the traditional multi-year CFTC registration by acquiring QCEX, a registered platform, for $112 million, and received a no-action letter in September to resume U.S. operations.

The platform upgraded its systems to meet CFTC requirements, including enhanced surveillance, clearing procedures, and regulatory reporting.

It now supports direct Bitcoin deposits alongside stablecoins and has attracted potential investor interest, including a possible $2 billion investment from Intercontinental Exchange.

The CFTC was created in 1974 to regulate derivatives markets like futures, options, and swaps. Its mission is to oversee markets, prevent abuses, and protect customer funds. The agency monitors exchanges, trading platforms, and intermediaries, while its Division of Enforcement investigates violations.

This post CFTC Opens Door for Spot Bitcoin and Crypto Trading in U.S. Markets first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Polymarket Is Back: Crypto Prediction Giant Relaunches in U.S. With CFTC Green Light

Cryptonews

By: Hassan Shittu

3 December 2025 at 17:57

Polymarket is preparing to relaunch in the United States after receiving regulatory clearance from the U.S. Commodity Futures Trading Commission.

This marks the platform’s official return to the American market after nearly three years of regulatory exclusion.

On Wednesday, the CFTC confirmed it had issued a no-action letter covering QCX LLC, a designated contract market, and QC Clearing LLC, a derivatives clearing organization.

Both entities were acquired by Polymarket earlier this year as part of its plan to re-enter the U.S. legally.

.@CFTC Staff Issues No-Action Letter Regarding Event Contracts: https://t.co/uglKQN5EX4
— CFTC (@CFTC) September 3, 2025

The agency’s Division of Market Oversight and Division of Clearing and Risk issued a no-action letter granting temporary relief from certain swap data reporting and recordkeeping requirements tied to event contracts, including binary options and variable payout transactions.

With CFTC Nod and QCX Deal, Polymarket Prepares U.S. Relaunch

Under the terms of the letter, the CFTC said it would not recommend enforcement action against the two entities or their participants for failing to comply with specific swap-related reporting obligations, so long as the activity falls within narrow conditions outlined in the approval.

Additionally, the relief does not exempt the companies from broader regulatory compliance but removes a key barrier to launching compliant prediction markets in the U.S.

Polymarket founder and CEO Shayne Coplan confirmed the development in a post on X, stating that the platform had received “the green light to go live in the USA.”

He credited the CFTC and its staff for completing the process in what he described as record time, adding that the company would share further updates soon.

The clearance caps a long regulatory journey for Polymarket. In 2022, the CFTC fined the platform $1.4 million for operating an unregistered derivatives exchange and ordered it to block U.S. users.

While Polymarket officially exited the U.S. market, regulators later investigated whether Americans continued accessing the site through VPNs.

That probe escalated in November 2024, when the FBI raided Coplan’s Manhattan residence and seized electronic devices.

In July, both the Department of Justice and the CFTC closed their investigations into Polymarket without pursuing further enforcement action.

The conclusion of those probes removed the final legal overhang blocking Polymarket’s U.S. return.

Days after the investigations ended, Polymarket acquired Florida-based derivatives exchange QCX and its clearing arm QC Clearing for $112 million.

The acquisition gave Polymarket a licensed designated contract market and a regulated clearinghouse, allowing it to operate within the same framework as federally supervised U.S. trading venues.

Despite the U.S. ban, Polymarket expanded rapidly overseas. In the first half of 2025 alone, users placed roughly $6 billion in wagers on outcomes.

Polymarket Quietly Begins U.S. Trading After Receiving CFTC Designation

The platform gained global attention during the 2024 U.S. election cycle after its markets closely tracked Donald Trump’s winning odds.

In November, Polymarket disclosed that it had received an amended designation order from the CFTC, formally allowing it to operate as a regulated U.S. exchange.

The approval allows intermediated trading through futures commission merchants and allows brokerages to onboard customers directly, placing Polymarket within the same regulatory framework as other federally supervised trading venues.

The company also said it has implemented upgraded market surveillance, clearing procedures, and regulatory reporting systems ahead of a full public relaunch.

The platform has also continued to attract institutional and political attention. In August, Donald Trump Jr. joined Polymarket’s advisory board after his venture firm, 1789 Capital, invested tens of millions of dollars into the company.

Polymarket has also entered a partnership with Elon Musk’s X platform to integrate prediction markets with xAI’s Grok chatbot.

By November, Coplan confirmed that Polymarket had begun live testing of its U.S. exchange in a limited beta, quietly onboarding selected users and matching real trades as it completed final regulatory steps.

More recently, the platform introduced a 4% annualized yield on certain long-term political and geopolitical contracts, including markets tied to the 2028 U.S. presidential election.

The post Polymarket Is Back: Crypto Prediction Giant Relaunches in U.S. With CFTC Green Light appeared first on Cryptonews.

Bitcoin And Crypto Prediction Platform Polymarket Rolls Out US App Today After CFTC Approval

Bitcoin Magazine

By: Micah Zimmerman

3 December 2025 at 12:36

Bitcoin Magazine

Bitcoin And Crypto Prediction Platform Polymarket Rolls Out US App Today After CFTC Approval

Polymarket, the crypto-based prediction market platform, has officially launched a U.S.-focused app following approval from the Commodity Futures Trading Commission (CFTC).

The move lifts nearly four years of restrictions preventing American users from participating in its blockchain-powered prediction markets.

Initially available in the App Store under the sports category, the app allows U.S. users to place bets on sports events, with plans to expand into other markets including proposition bets and election wagers.

The app is opening access gradually, inviting users from a previously established waitlist, though not all applicants have received invitations yet.

Polymarket bypassed the traditional, multi-year CFTC registration process by acquiring QCEX, an already-registered platform, for $112 million in July.

The company received a no-action letter from the CFTC in September, allowing it to resume operations legally in the U.S. after its 2022 settlement over unregistered event contracts.

Polymarket’s CFTC approval

In November, Polymarket secured an Amended Order of Designation from the U.S. Commodity Futures Trading Commission (CFTC), allowing it to operate as an intermediated trading platform under the full set of federal rules for U.S. exchanges.

The approval enabled the platform to onboard brokerages and customers directly, allowing users to trade through futures commission merchants (FCMs) and access traditional custody, reporting, and market infrastructure.

To comply with the CFTC’s requirements, Polymarket upgraded its systems, introducing enhanced market surveillance, supervision policies, clearing procedures, and Part 16 regulatory reporting.

The platform remains fully subject to the Commodity Exchange Act and other CFTC regulations, including self-regulatory obligations.

The platform had been barred from operating in the U.S. in 2022 after offering unregistered derivatives contracts. Its return followed the acquisition of QCEX, a regulated contract market and clearinghouse, for $112 million, which enabled the company to bypass a lengthy registration process.

Earlier this year, the platform also introduced support for direct bitcoin deposits, allowing users to fund accounts with BTC alongside stablecoins like USDC and USDT.

The platform has attracted significant investor interest. In November, reports indicated that Intercontinental Exchange (ICE), owner of the New York Stock Exchange, is considering a $2 billion investment that could value Polymarket between $8 billion and $10 billion.

Earlier funding discussions reportedly placed the company’s valuation at $12–15 billion. Investors also include 1789 Capital, backed by Donald Trump Jr.

Polymarket’s competitors, such as Kalshi, are also expanding, with Kalshi recently Kalshi raising $1 billion at a $11 billion valuation, doubling value in under two months

This post Bitcoin And Crypto Prediction Platform Polymarket Rolls Out US App Today After CFTC Approval first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Trump Picks SEC Crypto Counsel Michael Selig to Lead CFTC

Bitcoin Magazine

By: Micah Zimmerman

24 October 2025 at 15:56

Bitcoin Magazine

Trump Picks SEC Crypto Counsel Michael Selig to Lead CFTC

President Donald Trump has selected Michael Selig, chief counsel for the Securities and Exchange Commission’s crypto task force, to chair the Commodity Futures Trading Commission (CFTC).

Selig’s nomination, first reported by Bloomberg, marks Trump’s second attempt to fill the CFTC’s top post, following the stalled nomination of Brian Quintenz, a16z crypto’s global policy chief, amid opposition from Gemini co-founder Tyler Winklevoss.

Selig, who serves as an aide to SEC Chairman Paul Atkins, has been instrumental in coordinating regulatory approaches between the SEC and CFTC on financial and crypto market oversight.

The CFTC, which regulates futures, swaps, and prediction markets, is gaining greater prominence as Congress considers new crypto market structure legislation.

Before joining the SEC, he was a partner at Willkie Farr & Gallagher, specializing in asset management.

Selig’s appointment will require Senate confirmation.

President Trump’s growing support for crypto

President Donald Trump also recently granted a full pardon to Binance founder Changpeng Zhao, calling his prosecution part of the prior administration’s “war on cryptocurrency.”

The move, confirmed by the White House, clears Zhao’s record and echoes a major shift in the government’s approach to the crypto industry.

Selig’s appointment comes as momentum behind U.S. crypto legislation accelerated this week as Coinbase CEO Brian Armstrong said the industry was “90%” of the way toward securing passage of the Digital Asset Market Clarity Act, or CLARITY Act.

Despite a partial government shutdown, lawmakers from both parties reportedly made major progress on the long-awaited market structure bill.

Armstrong met with senators from both parties, including Majority Leader Chuck Schumer, Sens. Kirsten Gillibrand, Cynthia Lummis, and Tim Scott, describing the discussions as “very productive.”

The bill, which passed the House in July with a bipartisan 294–137 vote, aimed to clarify which digital assets fall under the SEC versus the CFTC, while providing rules for decentralized finance (DeFi), stablecoins, and custody services.

The final sticking points centered on how to regulate DeFi and whether consumers could earn rewards on stablecoins. Crypto advocates urged lawmakers to target regulation at intermediaries rather than open-source code and warned that the banking lobby sought to limit yield on stablecoin holdings.

Despite procedural delays from the shutdown, optimism remained high. Lummis said she expected the bill to reach President Trump’s desk before year-end, calling it the most significant bipartisan step toward U.S. crypto clarity to date.

This post Trump Picks SEC Crypto Counsel Michael Selig to Lead CFTC first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Reading view

Regulated Spot Trading Begins

Bitnomial Leads The Way

Pham Calls Spot Crypto Approval on U.S. Exchanges a “Historic Moment”

CFTC in Talks With CME, Coinbase, and Others as Crypto Market Oversight Expands

United States as a global crypto leader

CFTC greenlights Polymarket

With CFTC Nod and QCX Deal, Polymarket Prepares U.S. Relaunch

Polymarket Quietly Begins U.S. Trading After Receiving CFTC Designation

Polymarket’s CFTC approval

President Trump’s growing support for crypto