Spot cryptocurrency products may launch on regulated U.S. exchanges as soon as next month, CFTC Acting Chair Caroline Pham has confirmed.
Pham replied “True” on X to a CoinDesk report saying she is in talks with regulated exchanges to introduce spot crypto offerings. The move comes as a government shutdown delays broader legislation that would formally expand the CFTC’s authority over the crypto market.
Despite the stall in Congress, Pham says the agency is using existing powers under the Commodity Exchange Act to push ahead with recommendations from the President’s Working Group on Digital Asset Markets. The group, created by President Trump in January, urged that the CFTC take the lead on regulating crypto markets.
CoinDesk reports that the discussions include leveraged spot products, which let traders boost exposure using borrowed funds. These products would be listed on designated contract markets such as Cboe Digital, ICE Futures U.S., Coinbase Derivatives, Bitnomial, Kalshi, and Polymarket. Coinbase and Bitnomial are expected to move first.
Regulated spot trading could draw more institutional investors by providing familiar market protections typically absent on offshore exchanges.
The CFTC under Pham has also been working on allowing stablecoins to be used as collateral in derivatives trading. Pham is expected to depart once SEC Crypto Task Force Chief Counsel Mike Selig—President Trump’s nominee for CFTC chair—is confirmed.
Sources say Selig plans to continue the agency’s pro-crypto direction. Pham is reportedly considering a move to crypto payments firm MoonPay.
