CFTC approves first US spot crypto trading in historic regime change

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US regulators are slipstreaming behind the $3.2 trillion cryptocurrency industry.

After a decade of industry lobbying, the Commodity Futures Trading Commission has formally authorised the trading of spot crypto products on federally regulated exchanges, acting chair Caroline Pham announced on Thursday.

“For the first time ever, spot crypto can trade on CFTC-registered exchanges that have been the gold standard for nearly a hundred years,” Pham said.

“Recent events on offshore exchanges have shown us how essential it is for Americans to have more choice and access to safe, regulated US markets.”

The decision lands amid a broader US policy reversal, following years of enforcement-centric oversight under Joe Biden’s administration.

It ties directly into President Donald Trump’s pledge to usher in a “Golden Age of Innovation” by bringing digital assets onshore, modernising market infrastructure, and boosting the country’s position in crypto.

The change, Pham said, gives Americans “safe, regulated US markets” instead of offshore venues that “lack basic safeguards.”

It also comes at a moment of rising momentum in Washington and on Wall Street, which includes a wave of exchange-traded fund approvals, relentless industry-friendly legislation, and the administration’s call for new Treasury Department guidance on crypto-backed financial products.

Pham slammed CTFC leadership previously, saying they “chose regulation by enforcement rather than making clear rules of the road”, which resulted in “huge fines that targeted the crypto industry but did not protect the retail public.”

Regime change

The CFTC is the US federal oversight agency that regulates futures, commodities and derivatives markets worth trillions.

For years, crypto companies have argued that the CFTC — not the Securities and Exchange Commission — is the more appropriate regulator for digital assets, because the agency oversees commodities rather than securities.

The crypto community has long been divided on how crypto should be classified and regulated, with no clear consensus.

Now, the CFTC is gaining ground in the regulatory tug-of-war.

“The CFTC has a central role to play,” Pham said. “Thanks to President Trump’s leadership, this Administration has developed a comprehensive all-of-government plan for America to reclaim its place as the world leader in digital asset markets.”

In Congress, senators John Boozman and Cory Booker have proposed legislation to shift primary oversight of crypto markets from the SEC to the CFTC, arguing the agency is “the right regulator” for digital commodities.

Incoming CFTC nominee Mike Selig, a pro-crypto lawyer, has vowed to “help the President make the United States the crypto capital of the world,” setting the stage for further deregulation if confirmed.

SEC Chair Paul Atkins has already declared that “crypto’s time has come,” launching his own deregulatory agenda to unwind years of aggressive enforcement.

“Thanks to President Trump’s leadership, this Administration has developed a comprehensive all-of-government plan for America to reclaim its place as the world leader in digital asset markets,” Pham said.