The acting chairman of the U.S. CFTC confirmed that he will promote the launch of leveraged spot cryptocurrency trading on regulated exchanges
According to The Block, Caroline Pham, acting chair of the Commodity Futures Trading Commission (CFTC), confirmed that the agency is in direct talks with regulated exchanges to launch leveraged spot cryptocurrency trading products as early as next month.Pham has held discussions with designated contract market exchanges under CFTC regulation, including CME, Cboe Futures Exchange, and ICE Futures, as well as Coinbase Derivatives, Kalshi, and Polymarket US, regarding the launch of spot cryptocurrency trading products involving margin, leverage, and financing. Pham did not wait for congressional action to clarify CFTC's regulatory authority over the spot crypto market but instead utilized existing provisions of the Commodity Exchange Act, which require that retail transactions in commodities involving leverage, margin, or financing must occur on regulated exchanges. 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 succeeded.