CFTC’s Pham Moves to Launch Spot Crypto Trading Without Congress

Caroline Pham, the acting head of the Commodity Futures Trading Commission (CFTC), is actively working with regulated exchanges to develop retail spot crypto products. Despite the lack of Congressional authority, Pham is leveraging existing legal powers to advance these efforts, indicating confidence in the CFTC's jurisdiction over the crypto market. Plans include introducing stablecoins as collateral by early 2026 and potentially establishing a dedicated trial unit for enforcement. Pham’s initiatives aim to restore regulatory certainty amid industry demand for compliant trading options. The CFTC's push for launching spot crypto trades, including assets like Bitcoin and Ethereum, could attract institutional investors seeking regulated access to digital assets. This movement comes at a time when the SEC and CFTC are navigating their regulatory boundaries concerning crypto markets. Amidst a federal government shutdown that has stalled broader legislative action on crypto policies, the CFTC seeks to take decisive steps in overseeing new trading products by year-end. Pham's leadership marks an impactful transition period for agency operations, bringing potential changes as she prepares to depart for a position at MoonPay, while still pushing forward with the CFTC's strategic plans.

Source 🔗