The moveplaces digital assets inside the same rulebook that governs commodities like oil and gold, signaling a dramatic transformation in how Washington approaches crypto market infrastructure.
Rather than emerging from one agency alone, the decision reflects months of coordinated federal work. The White House pushed for clearer digital asset oversight, prompting a series of interagency reviews, policy memos, and cross-regulator workshops. Acting CFTC Chair Caroline Pham described the outcome as the culmination of this effort, emphasizing that spot crypto will now benefit from decades-old standards designed to protect traders and preserve market integrity.
A Changing Agency Faces a New Mandate
The CFTC itself is in transition as it takes on this expanded role. Pham, who stepped into the acting chair position when President Donald Trump took office, is expected to leave once the Senate confirms the administration’s nominee to lead the regulator. The candidate, Michael Selig—currently at the SEC—faces a full Senate vote after advancing through committee.
At the same time, the Commission is operating with four vacant commissioner seats, an unusual leadership gap as its responsibilities widen. The Trump administration has not yet named replacements, leaving the regulator poised for significant restructuring.
Parallel to these personnel moves, lawmakers are preparing to advance digital asset legislation that would formally divide regulatory responsibilities between the CFTC and SEC. Early drafts circulating in Congress envision the CFTC overseeing a broader swath of crypto-related activity.
Exchanges Prepare to Switch On New Spot Markets
Several trading venues are already lining up to take advantage of the new authorization. Bitnomial, a derivatives exchange with existing CFTC approval to operate as a Designated Contract Market, plans to activate its spot trading products next week. This makes it one of the first platforms ready to launch under the new regime. Coinbase, which secured the same designation in 2020, is expected to have a pathway as well.
The development creates a regulated environment for spot digital asset trading that did not previously exist in the United States. Market participants now gain access to an exchange category historically associated with strict compliance and deep liquidity, potentially setting the foundation for a more mature crypto ecosystem.