CFTC Seeks Public Comment on Spot Crypto Trading on Futures Exchanges

The U.S. Commodity Futures Trading Commission (CFTC) announced it will seek public comment on allowing spot cryptocurrency trading on registered futures exchanges. The agency opened a feedback period through August 18 for stakeholders to comment on how exchanges like CME Group and ICE Futures U.S. could list physically settled Bitcoin, Ethereum and other crypto contracts.

The proposal represents the first action in the CFTC’s “crypto sprint” program, which aims to implement recommendations from President Donald Trump’s Working Group on Digital Asset Markets. CFTC aims to implement the Working Group’s 18 recommendations, though no specific timeline for rulemaking has been provided.

Futures exchanges would list spot crypto contracts that track real-time market prices and settle through physical delivery. The framework uses existing Commodity Exchange Act provisions, avoiding the need for new legislation.

These provisions require retail commodity transactions involving leverage, margin or financing to occur on registered exchanges. They also set registration, compliance and enforcement standards for listed markets.

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. There is a clear and simple solution the CFTC can implement now, and together, we will make America the crypto capital of the world,

Acting Chair Caroline Pham said.

The CFTC will coordinate with the Securities and Exchange Commission’s Project Crypto, launched recently to develop guidelines for token classification and disclosure standards. Project Crypto focuses on identifying which tokens qualify as securities and establishing exemption standards for digital assets under securities law.

The CFTC currently operates with two commissioners, Acting Chairman Caroline Pham and Commissioner Kristin Johnson, while awaiting Senate confirmation of Trump’s nominee Brian Quintenz as a permanent chair. This staffing situation comes as the agency expands its digital asset work during the broader regulatory clarity push.

The CFTC regulates derivatives and enforces anti-fraud rules in commodity markets, but its spot trading authority has been limited to leveraged transactions. The agency seeks to address this regulatory gap by incorporating physically settled spot contracts into the designated contract market framework without waiting for Congressional action.