The Commodity Futures Trading Commission (CFTC) has announced a landmark decision, opening the door for federally regulated spot crypto trading in the United States for the first time. Acting Chairman Caroline Pham revealed that listed spot crypto products will now be available on CFTC-registered exchanges, marking a pivotal moment in the drive to bring digital asset trading under comprehensive federal oversight within the U.S.

This significant announcement coincides with the upcoming launch of Bitnomial, Inc., a U.S.-based derivatives exchange set to operate the nation's inaugural leveraged retail spot crypto exchange under direct CFTC regulation. Bitnomial’s Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO) will empower both retail and institutional traders to engage with spot, perpetuals, futures, and options on a unified platform. This integrated approach, featuring unified portfolio margining and net settlement, is designed to eliminate redundant margin requirements, thereby enhancing capital efficiency and mitigating counterparty risk. Luke Hoersten, founder and CEO of Bitnomial, underscored this development, stating, “Leveraged spot crypto trading is now available under the same regulatory framework as U.S. perpetuals, futures, and options,” emphasizing the crucial role of broker intermediation and Clearinghouse net settlement in providing the necessary capital efficiency for traders.

Chairman Pham highlighted that this new regulatory framework offers Americans a secure alternative to often-unregulated offshore platforms, which she likened to the “wild west.” Citing the collapse of FTX as a stark reminder of the perils of insufficient regulatory protections, Pham expressed the CFTC's aim: “Not only do we want Americans to come back home to trade where they have the protections they deserve, but this also encourages U.S. companies to invest, build, and hire here.” The new system ensures equal treatment for all orders, whether retail or institutional, guaranteeing no preferential routing, no informational advantage, and equal access to liquidity—a structure long advocated for by industry participants. Furthermore, for brokers and institutions, this move resolves persistent compliance challenges related to state money transmitter rules, finally providing access to a federally regulated spot market.

This initiative represents the culmination of Pham’s pro-innovation leadership at the CFTC. By formally recognizing that retail commodity transactions can be offered on a DCM and cleared through a DCO, the agency has established a compliant pathway for domestic leveraged spot crypto trading. This strategic approach aligns with broader national goals to solidify the U.S. as a global hub for digital asset markets, all while upholding stringent investor protections. The consolidation of spot, perpetuals, futures, and options onto a single platform is poised to revolutionize capital efficiency for traders, allowing them to offset risk across various product types on one exchange instead of maintaining fully collateralized positions across multiple venues. Bitnomial’s platform is scheduled to go live the week of December 8, 2025, a date Pham hailed as a “historic milestone” for U.S. crypto markets and a critical step towards positioning the country as a leader in digital asset innovation.

In a related development earlier this week, Polymarket, the crypto-based prediction market platform, launched a U.S.-focused app following its own CFTC approval, ending nearly four years of restrictions for American users. Polymarket bypassed the traditional multi-year CFTC registration process by acquiring QCEX, an already registered platform, for $112 million, and subsequently received a no-action letter in September to resume U.S. operations. The platform meticulously upgraded its systems to meet CFTC requirements, incorporating enhanced surveillance, robust clearing procedures, and comprehensive regulatory reporting. It now supports direct Bitcoin deposits alongside stablecoins and has attracted considerable investor interest, including a potential $2 billion investment from Intercontinental Exchange.

The CFTC, established in 1974, is tasked with regulating derivatives markets, encompassing futures, options, and swaps. Its core mission is to oversee these markets, prevent abuses, and safeguard customer funds. The agency diligently monitors exchanges, trading platforms, and intermediaries, with its Division of Enforcement actively investigating any violations.