- The CFTC is enabling the trading of spot crypto asset contracts on regulated futures exchanges.
- CFTC Acting Chair Caroline Pham confirmed the agency was working in tandem with the SEC’s “Project Crypto” to create a unified federal approach.
- Former Chancellor George Osborne criticized the U.K.’s slow pace on crypto regulation, contrasting it with America’s decisive moves.
The U.S. Commodity Futures Trading Commission (CFTC) has launched a new initiative to permit spot crypto trading on registered futures exchanges.
In a press release on Monday, August 4, the CFTC said this was the first initiative in the agency’s “crypto sprint,” designed to begin implementing the recommendations of President Donald Trump.
Spot Markets
The CFTC stated it would enable the trading of crypto asset contracts on designated contract markets (DCMs).
DCMs are futures exchanges regulated by the CFTC that offer contracts across various commodities, including agricultural, financial, and energy products.
CFTC Acting Chairman Caroline D. Pham explained that the initiative would operate within the agency’s current regulatory framework.
Pham invited 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.”
CFTC and SEC
Pham emphasized the agency was “full speed ahead” on enabling the immediate trading of digital assets at the federal level, in “coordination with the SEC’s Project Crypto.”
Last week, Paul Atkins announced the publication of a 166-page crypto report containing “clear recommendations” for agencies to develop frameworks aimed at making America a global leader in crypto.
“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 an address to the America First Policy Institute, Atkins urged the rapid establishment of clear frameworks for crypto asset distribution.
“The SEC’s head-in-the-sand posture—as well as its shoot first, ask questions later approach—are days of the past,” he said. “Despite what the SEC has said in the past, most crypto assets are not securities.”
U.K. Lagging Behind
Meanwhile, former Chancellor George Osborne wrote in the Financial Times on Monday that the U.K. is “being completely left behind” on crypto.
Osborne warned that the pound “won’t even play a supporting role” in stablecoins unless Britain follows America’s lead and establishes clear frameworks.
“The chancellor says she’ll ‘drive forward’ on stablecoins, whatever that means, while the Bank of England governor remains unconvinced that commercial banks should issue them,” he wrote.
“This hesitation risks irrelevance,” he added.
