Caroline Pham, acting chair of the US Commodity Futures Trading Commission, is in discussions with regulated US crypto exchanges to introduce leveraged spot cryptocurrency products. The launch could occur as early as next month, according to a statement Pham made on Sunday via X.
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In August, the CFTC launched an initiative to allow trading of spot crypto asset contracts on registered exchanges. The regulator invited public feedback on rules covering retail trading with leverage, margin, or financing.
CFTC Reviews Rules for Leveraged Crypto
Pham confirmed that she is advocating for leveraged spot crypto trading and continues to meet with industry representatives despite the ongoing government shutdown. The regulator is also reviewing guidance for leveraged spot crypto products.
Under the Commodity Exchange Act, a retail commodity transaction executed on a leveraged or margined basis is under the CFTC’s jurisdiction unless the transaction results in actual delivery of the commodity within 28 days. This means that leveraged crypto spot positions would only be permitted if their duration is limited to 28 days.
JUST IN: ???????? CFTC’s Acting Chair Caroline Pham confirms push to launch leveraged spot crypto trading on U.S. exchanges. pic.twitter.com/ENyOiTI1om
— Bitcoin Magazine (@BitcoinMagazine) November 10, 2025
Senate Continues Crypto Market Structure Talks
The development comes amid broader uncertainty about US crypto regulation. In early October, the Securities and Exchange Commission limited its activity to emergency cases due to the shutdown.
Despite this, Senate lawmakers have reportedly continued discussions on legislation concerning crypto market structure rules.
CFTC Leadership Uncertainty Grows After Withdrawal
Meanwhile, the White House has withdrawn Brian Quintenz’s nomination to lead the U.S. Commodity Futures Trading Commission, ending a confirmation process that faced delays and opposition. Quintenz, a former commissioner, was nominated earlier this year to replace Pham.
He thanked the President and Senate Agriculture Committee and said he would return to the private sector. The nomination stalled amid Senate delays and industry pushback, including concerns from parts of the crypto sector.
This article was written by Tareq Sikder at www.financemagnates.com.
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