Yeliz Akmaca 
The U.S. Commodity Futures Trading Commission (CFTC) has presented its plan for listing spot crypto on registered futures exchanges for public comment. The agency is collecting feedback until August 18 to finalize its roadmap.
Acting Chair Caroline Pham stated that the current legal framework could be applied without the need for new regulations. She emphasized that spot crypto assets could be traded through designated contract markets (DCMs). This approach directly conflicts with the SEC’s securities interpretations.
CFTC-registered DCM platforms like CME Group and ICE Futures US operate under strict supervision and customer protection measures. The plan would allow these platforms to list physically settled crypto contracts.
However, Pham opposes complex regulations similar to Europe’s MiCA. She advocates for streamlined and effective solutions to maintain the U.S.’s market leadership.
SEC-CFTC Conflict
Some legal experts warn that the plan carries significant risks. Andrew Rossow, CEO of AR Media Consulting, pointed out that crypto assets cannot be rigidly categorized. According to Rossow, assets may acquire security characteristics over time, threatening regulatory stability.
The CFTC’s authority is limited to leveraged or collateralized transactions conducted only through DCM platforms. Meanwhile, the SEC still classifies many cryptocurrencies as securities under the Howey Test.
Rossow emphasized that this dual framework doesn’t align with the dynamic nature of crypto assets. Even if investors comply with CFTC rules, they may face retroactive SEC enforcement actions.
Moreover, this situation could trigger various legal consequences such as unregistered securities trading or brokerage violations. Consequently, even if the plan is implemented, a lack of coordination between agencies increases risks.
CFTC Moves to Accelerate Crypto Regulation in the U.S.
Caroline Pham aims to implement spot crypto regulations within 12 to 18 months, positioning the U.S. as a global crypto hub.
However, without resolving uncertainties around securities-commodity distinctions, such steps could lead to further legal confusion. Also, listings made without clear investor protections may undermine trust.
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