Acting CFTC Chair Caroline Pham is working with regulated exchanges to bring leveraged spot crypto products onshore and aims to have them begin trading in U.S. markets by December. She plans to rely on existing authorities (e.g., the Commodity Exchange Act) and designated contract markets (DCMs) to provide institutional-grade oversight and investor protections currently lacking on offshore venues. Crypto-native DCMs (Coinbase Derivatives, Bitnomial) and established venues (CME, Cboe) are expected to act quickly once the regulatory pathway is formalized. Pham is accelerating the effort before a permanent CFTC chair is confirmed.

Pham aims to have regulated leveraged spot trading trading in U.S. markets by December using existing authorities (Commodity Exchange Act) and DCMs; major and crypto-native venues (Coinbase Derivatives, Bitnomial, CME, Cboe) are expected to move quickly once a pathway is formalized, and the plan is explicitly to onshore products to provide institutional-grade oversight and investor protections.