CFTC Acting Chair Caroline Pham confirmed talks with regulated exchanges. The agency plans to launch spot crypto trading, including leveraged offerings, as soon as next month.
Caroline Pham, the acting chair of the Commodities Futures Trading Commission (CFTC), has confirmed a significant move for the crypto market. She confirmed a CoinDesk report that indicates that the CFTC is in direct talks with regulated exchanges. The goal is to implement spot trading on crypto, including leveraged, as early as next month.
CFTC Moves Toward Margin-Enabled Spot Crypto Products
Pham used her X account to verify the news, simply posting “True” to the CoinDesk report. This development is especially notable because it is occurring even though a federal government shutdown has caused other crypto policy initiatives to be delayed.
According to the report, Pham has been in touch with CFTC-regulated designated contracts markets (DCMs). These exchanges involve major financial players such as CME, Cboe Futures Exchange and ICE Futures. Also involved are crypto-native companies Coinbase Derivatives, prediction markets Kalshi, and Polymarket US. Their discussions are centered around the introduction of spot crypto trading products, which include products with margin, leverage and financing options.
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This initiative represents a major shift in the regulatory approach of the US to the crypto market. In the past, regulatory bodies have often waited until Congress passes new laws to determine how the CFTC will regulate crypto spot markets. However, Pham is now applying existing laws, namely provisions in the Commodity Exchange Act. This act specifies that retail commodity transactions involving leverage, margin, or financing must take place on regulated exchanges.
This means the CFTC has the authority at this time to allow these new products. This approach does not require new legislation from Congress, which may help speed up the process. Leverage crypto spot trading – in this arrangement you can use borrowed funds to enlarge your investment in digital assets such as Bitcoin and Ethereum.
While this can be an amplification of potential gains, it also greatly increases risks. These kinds of products are ubiquitous in other countries but would be a first for the U.S. under the supervision of the CFTC. This would create institutional-grade regulation, improved risk management, and more investor protection.
Regulators Clear Path for Leveraged Spot Crypto Trading
In September of 2025, the CFTC and the Securities and Exchange Commission (SEC) issued a joint statement. They explained that the registered exchanges are permitted to facilitate trading of certain spot crypto products that involve leverage, margin or financing. This joint effort demonstrates a concerted effort by regulators.
The CFTC started its “Listed Spot Crypto Trading Initiative” in August 2025. The purpose was to facilitate retail trading in the margin, leveraged, or financed trading of spot crypto asset contracts on CFTC-registered futures exchanges. The agency invited public comments on this initiative until August 18, 2025.
Acting Chair Pham has been in direct contact with a number of different exchanges to facilitate the introduction of these new leveraged spot crypto products, including CME, Cboe, ICE and Coinbase. This active dialogue is important for smooth implementation.
The concerted effort with the SEC has been dubbed “Project Crypto” by the SEC, and “Crypto Sprint” by the CFTC. This collaboration represents a policy shift toward centralised oversight of the digital asset market.
In conclusion, the confirmation of discussions between CFTC Acting Chair Caroline Pham and exchanges marks a significant move in the crypto world in terms of regulation in the United States. By using existing authority, the CFTC hopes to bring regulated products for leveraged spot trading of crypto soon. This initiative marks a significant shift and can provide a more structured and protected environment for ancestors of the crypto coin investor in the U.S.