CFTC’s Pham Moves to Launch Spot Crypto Trading Without Congress
CFTC Acting Chair Caroline Pham is personally guiding exchanges to launch regulated spot crypto products soon, utilizing existing authority.Summary
The Commodity Futures Trading Commission (CFTC), under interim chief Caroline Pham, is actively pursuing the launch of regulated spot crypto trading products, even without explicit legislative authority from Congress. Pham is reportedly meeting personally with regulated exchanges to facilitate the listing of these spot contracts as soon as next month, leveraging existing legal authority as outlined in the President’s Working Group report. This move aims to provide institutional investors with regulated venues for leveraged trading of assets like Bitcoin and Ether, potentially increasing their exposure to crypto. Pham is also overhauling the agency's internal structure and is expected to introduce a tokenized collateral policy using stablecoins by early next year. While the agency's future leadership is uncertain, Pham, who may be leaving soon for a role at MoonPay, is pressing forward with these crypto-friendly initiatives, which have been welcomed by industry figures.
(Source：CoinDesk)