08-28-2025 
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The Commodity Futures Trading Commission (CFTC) is looking for feedback on its plan to allow futures exchanges to offer spot digital asset contracts trading under pre-existing rules, according to Acting Chair Caroline Pham.
“Under President Trump’s strong leadership and vision, the CFTC is full speed ahead on enabling immediate trading of digital assets at the Federal level in coordination with the SEC’s project Crypto,” said Pham in a statement.
“There is a clear and simple solution the CFTC can implement now. The Commodity Exchange Act currently requires that retail trading of commodities with leverage, margin or financing must be conducting on a [Designated Contract Market]. Starting today, we invite all stakeholders to work with us on providing regulatory clarity on how to list spot crypto asset contracts on a DCM using our existing authority.”
A Designated Contract Market, or DCM, is the legislative term for CFTC-regulated exchanges that list futures and options contracts.
“Together, we will make America the crypto capital of the world,” she said.The move is framed as a response to the White House’s recently published report on digital assets in the United States. In it, the President’s digital asset task force suggested that the CFTC be granted authority to govern spot markets for digital assets (provided they do not meet the definition of securities).
Last week, following the publication of the White House report, Pham announced the CFTC’s ‘crypto sprint’, which aimed to implement the report’s recommendations as quickly as possible.
As jurisdictions around the world, including the U.S., implement new legislative frameworks to govern digital assets, the CFTC’s proposal takes a somewhat different approach. To the CFTC, the preferred approach is to leverage existing rules to get a head start on the recommendations listed in the White House’s report.
In theory, the rules seem amenable to Pham’s suggestions. As the statement says, the law, in principle, permits the trading of spot contracts as long as they are done on a DCM.
However, one of the key thrusts of the White House’s report is that the Securities and Exchange Commission (SEC) and CFTC should have clearly delineated responsibilities and ensure there are no duplicative rules around digital assets. One of the key questions left open by that report is how digital assets should be deemed to be securities or, if not, commodities. The former will remain the remit of the SEC, while the CFTC would have jurisdiction over the latter. Until this question is resolved, it’s tough to see how the CFTC will be able to implement the proposals envisioned by Pham sensibly.
Nonetheless, at this stage, the CFTC is merely soliciting feedback. Market participants and members of the public are invited to provide written feedback by August 18 via the CFTC’s website.
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