Caroline D. Pham, acting chair of the Commodity Futures Trading Commission (CFTC), has confirmed that the agency is actively working with major U.S. exchanges to launch spot crypto trading products with leverage and margin as early as next month.
Pham validated the report first published by CoinDesk, responding on X with a single word – “True” – confirming that negotiations are underway despite ongoing delays in broader crypto regulation due to the government shutdown.
Talks with Major Regulated Exchanges Underway
According to CoinDesk, Pham has held discussions with CFTC-regulated designated contract markets (DCMs), including major financial players such as CME, Cboe Futures Exchange, and ICE Futures, as well as crypto-focused platforms like Coinbase Derivatives, Kalshi, and Polymarket US.
— Caroline D. Pham (@CarolineDPham) November 9, 2025
These exchanges are reportedly exploring the introduction of spot crypto trading frameworks that include leverage, margin, and financing, offering traders regulated access to instruments traditionally available only on offshore platforms.
Using Existing Legal Authority to Advance Crypto Markets
Pham emphasized that the initiative aligns with the President’s Working Group on Digital Asset Marketsrecommendations, which encourage federal agencies to use their existing statutory authority to regulate digital asset activities while Congress develops new legislation.
“As we continue to work with Congress on bringing legislative clarity to these markets, we are also using existing authorities to swiftly implement recommendations,” Pham told CoinDesk.
This approach marks a major policy shift: rather than waiting for Congress to explicitly grant oversight of spot crypto markets, the CFTC is invoking the Commodity Exchange Act’s provisions that already require any retail commodity trading with leverage, margin, or financing to occur on regulated venues.
A Pivotal Step for U.S. Crypto Regulation
If implemented, the framework would make the U.S. one of the first major jurisdictions to authorize leveraged spot crypto trading within its domestic regulatory perimeter. The move could draw significant liquidity back from offshore markets, providing greater transparency, investor protection, and institutional access, a crucial step toward mainstream integration of digital assets into the U.S. financial system.
