Acting CFTC Chairman Caroline Pham is moving fast to bring leveraged spot crypto trading to U.S. markets — possibly as soon as December. She’s already held talks with regulated exchanges to make it happen.
Pham told CoinDesk that she expects the new products to “begin trading in our markets before year’s end.”
What Is Leveraged Spot Crypto Trading?
Unlike futures or derivatives, leveraged spot trading lets investors trade the actual cryptocurrency — like Bitcoin or Ether — using borrowed money to increase their exposure.
Here’s how it works:
- Traders put up a fraction of the trade’s value as margin.
- The exchange or broker covers the rest with financing.
- Gains and losses are based on the real-time price of the crypto, not a contract betting on future prices.
Right now, U.S. investors can only access leveraged trading on offshore platforms like Binance or OKX, which lack federal oversight and investor protections. Pham’s plan would bring this activity onto regulated U.S. exchanges, giving traders institutional-grade oversight, risk controls, and protections.
How This Will Work
These products would be offered on Designated Contract Markets (DCMs) — federally regulated exchanges that can legally offer commodity trading to U.S. participants.
- Crypto-native DCMs like Coinbase Derivatives and Bitnomial could move quickly.
- Larger, established venues like CME and Cboe Futures Exchange may also participate.
Pham is fast-tracking this rollout by using existing rules under the Commodity Exchange Act, rather than waiting for Congress to pass new legislation. The act already requires leveraged or margin trades to occur on federally regulated exchanges, giving the CFTC a legal path to act now.
Pham Prepares to Step Down
Pham is preparing for a transition. President Trump has nominated Mike Selig, a senior SEC official and crypto task force architect, as the next permanent CFTC chairman. Once confirmed by the Senate, Selig will replace Pham.
Pham said she’s eager to launch new products and ensure a smooth handoff to her successor.
Why This Matters
Pham’s push comes amid growing demand for regulatory clarity in the crypto space. Earlier in 2025, the CFTC issued guidance allowing spot crypto contracts on federally registered exchanges. In September, the CFTC and SEC jointly clarified that exchanges registered with either agency can facilitate trading in certain spot commodities, including cryptocurrencies.
Pham and the crypto-forward administration see this as a chance to bring innovative products back to the U.S., rather than letting them migrate overseas due to fragmented regulation and legal uncertainty.
As Pham noted:
“The United States has long been the home of financial innovation… The SEC and the CFTC should encourage the reversal of this trend.”
Bottom Line
If all goes as planned, U.S. investors could soon trade real cryptocurrencies with leverage on fully regulated exchanges — a major step for the domestic crypto market. The clock is ticking, though, as Pham has less than two months to finalize these plans before Selig takes over.
This could mark the start of a new era in U.S. crypto trading, combining innovation with oversight for safer, more transparent markets.
