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

Caroline Pham, the interim head of the Commodity Futures Trading Commission (CFTC), is actively working with regulated exchanges to launch compliant retail spot crypto products, despite Congress not granting the agency more direct authority. Pham is reorganizing the CFTC and aiming to establish a dedicated enforcement unit. The allowance of stablecoins as tokenized collateral is expected to be addressed early next year. Pham has emphasized that the CFTC has the legal authority to move forward with retail spot trading, which includes cryptocurrencies like Bitcoin and Ethereum. The initiative is seen as a significant step in providing a regulated platform for institutional investors to access crypto products safely. As Congress remains stalled on crypto legislation, Pham’s actions could catalyze further developments in the crypto trading landscape. However, uncertainty remains regarding her departure and the confirmation process for her successor, Mike Selig, at the CFTC. The industry hopes that this push for regulated trading would attract investment and stabilize the market.

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