Regulators in Washington have taken a significant step that allows Americans to trade spot Bitcoin and other cryptocurrencies on exchanges registered with the federal government for the very first time.
Related Reading
As per the Commodity Futures Trading Commission, spot crypto products can now be listed on exchanges recognized by the agency, a move that was announced on December 4, 2025.
Initiation of Regulated Spot Trading
This decision originates from a CFTC press release, marked as Release No. 9145-25, indicating that spot crypto contracts can now be listed on futures exchanges registered with the CFTC.
The regulator confirmed that its regulations now allow such listings to operate under the existing oversight and surveillance standards that these exchanges adhere to.
.@CFTCpham Announces First-Ever Listed Spot Crypto Trading on U.S. Regulated Exchanges: https://t.co/89Mx6f0ss4
— CFTC (@CFTC) December 4, 2025
Bitnomial Takes the Lead
Bitnomial, a derivatives exchange based in Chicago, will be the first to offer such products, intending to provide both leveraged and non-leveraged spot trading options on its platform.
Market announcements indicate that Bitnomial has rapidly utilized the new framework, revealing a launch and filings that establish it as the premier US venue for trading listed spot crypto under CFTC rules.
Implications for Investors
Industry analysts suggest that this shift brings spot trades under established market protections such as clearing, surveillance, and execution rules that apply to other listed assets.
This may encourage some institutional investors and large funds to trade onshore. Simultaneously, regulators indicate this move aims to shift activity away from unregulated offshore venues and enhance market oversight.
Acting Chairman Caroline Pham stated that this initiative is designed to fortify the US position in the cryptocurrency market while allowing traders access to safer and more transparent trading environments.
Ongoing Risks
Reports have revealed that this regulatory change does not eliminate the fundamental risks associated with cryptocurrencies: price fluctuations can be extreme, and no regulatory intervention can fully prevent market volatility.
Moreover, only exchanges that seek and acquire the necessary CFTC registration will be able to utilize this avenue, leaving many offshore platforms outside US regulatory oversight for now.
Related Reading
Future Developments
Observers will be closely monitoring whether other US exchanges will follow in Bitnomial’s footsteps, how many retail investors will gain access, and how the SEC will react to related matters such as token classification and custody regulations.
The CFTC had previously highlighted this pathway in August as part of a comprehensive initiative to facilitate listed spot crypto trading, with agencies subsequently collaborating on guidance and public outreach.
According to the CFTC’s Acting Chairman, this development brings spot crypto trading into a regulated environment that Americans can trust, enabling exchanges with appropriate safeguards to list these products.
This milestone is part of a lengthy policy drive by the administration to establish clearer regulations for digital assets.
Featured image from Barron’s, chart from TradingView
