CFTC approves federal-level spot cryptocurrency trading, opening the door for traditional financial giants to enter

On December 4, the U.S. Commodity Futures Trading Commission (CFTC) officially announced that it has approved the launch of spot cryptocurrency trading in U.S. federally regulated markets.

According to the announcement, companies holding a Designated Contract Market (DCM) license or designated as a Derivatives Clearing Organization (DCO) may legally provide compliant spot cryptocurrency trading services.

This move also marks a shift in the U.S. approach to regulating spot cryptocurrency trading—from a previously vague state focused on "enforcement penalties" to now providing a "clear compliance framework" at the federal level.

Under the new regulations, companies holding a Designated Contract Market (DCM) or Derivatives Clearing Organization (DCO) license can legally offer federally regulated spot cryptocurrency trading services.

This change directly stems from the CFTC’s “crypto sprint” program launched in August 2025, which aims to quickly implement policy recommendations from former President Trump’s Digital Asset Working Group.

Just four months after the new rules took effect, Bitnomial of the Chicago Exchange had its application automatically approved after the statutory 10-day review period, becoming the first successful case under the new regulations.

It is worth noting that the implementation of the CFTC’s new regulatory framework also opens the door for large traditional financial institutions to directly enter the spot crypto market. Previously, these institutions were limited by state-level money transmitter license regulatory restrictions, but now institutions holding a Designated Contract Market (DCM) license (such as CBOE, CME, etc.) are qualified to conduct this business.

In addition, this framework provides a clear compliance path for traditional financial giants wishing to enter the market. CFTC Acting Chair Caroline Pham admitted that the previous regulatory approach resulted in hefty fines but failed to provide a protected trading venue for retail investors; the new framework aims to change this situation.

In summary, the CFTC’s approval of spot cryptocurrency trading not only provides the industry with much-needed regulatory certainty, but will also fundamentally reshape the competitive landscape of the spot cryptocurrency market.

At the same time, the creation of a new market structure led by federal regulation and with deep participation from traditional financial institutions will accelerate the integration of cryptocurrencies into the mainstream financial system.

#CFTC监管 # cryptocurrency market