The U.S. Commodity Futures Trading Commission has approved listed spot crypto products for trading on registered futures exchanges, marking a milestone in regulated digital asset markets. Bitnomial Exchange plans to launch the first leveraged spot crypto product next week. This move aligns with the Trump administration's pro-crypto policies.
On December 4, 2025, the Commodity Futures Trading Commission (CFTC) announced that listed spot crypto products can now trade on registered futures exchanges. Acting Chairman Caroline Pham described this as a historic milestone, stating, "Now, for the first time ever, spot crypto can trade on CFTC-registered exchanges that have been the gold standard for nearly a hundred years, with the customer protections and market integrity that Americans deserve." She added, "Recent events on offshore exchanges have shown us how essential it is for Americans to have more choice and access to safe, regulated U.S. markets."
The initiative stems from the Trump administration's push for friendly crypto policies and recommendations from the President’s Working Group on Digital Asset Markets. Pham noted that the CFTC is using its existing authority to enable this trading, addressing gaps where bitcoin and other digital assets are treated as commodities but spot market manipulation falls outside full federal oversight. This is part of the CFTC's "crypto sprint" to implement pro-crypto goals, including upcoming pushes for tokenized collateral and blockchain integration in regulations.
Chicago-based Bitnomial Exchange, a CFTC-regulated designated contract market (DCM), will launch the first listed leveraged spot cryptocurrency product next week. Luke Hoersten, Founder and CEO of Bitnomial, said, "Leveraged spot crypto trading is now available under the same regulatory framework as U.S. perpetuals, futures, and options." The platform ensures equal treatment for all orders, with no preferential routing or information advantages, providing centralized execution, clearing, and risk controls.
Law firm Katten advised Bitnomial on the launch, led by partner Matthew F. Kluchenek. Kluchenek praised Pham's leadership, saying, "We are proud to support Bitnomial in achieving this first-of-its-kind US launch and commend CFTC Acting Chairman Caroline Pham, whose innovative leadership was instrumental in making this project a reality." This follows Katten's prior work with Bitnomial on the first U.S. crypto perpetuals launch. Other DCMs include Coinbase, Kalshi, and Polymarket.
