Caroline Pham, acting chair of the U.S. Commodity Futures Trading Commission (CFTC), confirmed that the agency is in direct talks with regulated exchanges about a leveraged spot cryptocurrency trading product that could be launched as early as next month.
Pham has held talks with designated contract market exchanges regulated by the CFTC, including CME, Cboe Futures Exchange and ICE Futures, as well as Coinbase Derivatives, Kalshi and Polymarket US, to launch a spot cryptocurrency trading product involving margin, leverage and financing. Rather than waiting for Congress to act to explicitly grant the CFTC regulatory authority over the spot crypto market, Pham has taken advantage of an existing provision of the Commodity Exchange Act that requires retail trading of commodities involving leverage, margin or financing to take place on a regulated exchange. Trump has nominated SEC official Mike Selig to replace Pham, but it is unclear when Selig will receive Senate confirmation due to the government shutdown. It is reported that Pham is expected to join MoonPay after being replaced.
The acting chairperson of the US CFTC has confirmed that he is promoting the launch of leveraged spot cryptocurrency trading on regulated exchanges
2025-11-09 23:22:53
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