CFTC Moves Toward Regulated Spot Crypto Trading Under Caroline Pham’s Leadership

By José Oramas November 10, 2025 In CFTC, Trading

Source:AdobeStock

The CFTC plans to allow regulated US exchanges to offer leveraged spot crypto trading as early as next month under existing commodities law.
Acting Chair Caroline Pham is readying guidance to make these listings operational, which would bring US custody, margin, and surveillance standards to retail crypto spot markets.
Leveraged spot trading allows traders to use collateral to borrow funds to amplify potential gains or losses (e.g., 5x leverage), making risk management central.

The Commodities Futures Trading Commission (CFTC) is moving to let regulated US exchanges offer leveraged spot crypto trading as soon as next month.

Acting Chair Caroline Pham has been holding direct talks with multiple platforms during the government shutdown and is readying guidance to make listings operational, she confirmed on an X post responding to CoinDesk’s reporting.

She’s also argued the agency can proceed under existing commodities law, even without a new statute from Congress.

Leveraged spot would bring margin and borrowing to cash markets for assets like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), so traders basically post collateral and borrow the rest from the venue or a broker. These products are common outside the US, but now that the regulatory landscape in the US is taking shape, we’re seeing more crypto products (and legislation) going live in the country.

Naturally, listing them on CFTC-regulated venues would apply US custody, margin, disclosures, and surveillance standards to retail crypto for the first time, narrowing the gap with derivatives markets already under the agency’s purview.

Pushing for Policy Change

Pham is also reorganising the agency and enforcement and pushing a tokenised-collateral policy targeted for early next year, she told CoinDesk.

As we continue to work with Congress on bringing legislative clarity to these markets, we are also using existing authorities to swiftly implement recommendations in the President’s Working Group on Digital Asset Markets.

CFTC Acting Chair Caroline Pham

She is expected to be succeeded by President Donald Trump’s nominee, SEC crypto official Mike Selig, as Crypto News Australia reported.

For now, the near-term priority is standing up retail spot crypto on regulated platforms, moving ahead without fresh congressional authority while lawmakers continue debating a broader crypto market framework.