Chicago-based derivatives exchange Bitnomial is preparing to launch the first spot cryptocurrency trading platform regulated by the U.S. Commodity Futures Trading Commission (CFTC).
The Chicago-based derivatives exchange’s self-certification rules took effect on Friday, authorizing it to list leveraged and unlevered spot crypto products. The approval opens the door for customers to buy, sell and finance digital assets directly on federally regulated commodity exchanges, a first for the U.S. market.
CFTC acting chairwoman Caroline Pham said in November that it was in talks with regulated exchanges about the possibility of launching spot crypto products.
Bitnomial’s approval comes as the CFTC accelerates efforts to bring retail-oriented cryptocurrency markets under federal commodity regulation. Fan said the agency already has sufficient authority to regulate spot crypto commodities.
The U.S. Commodity Futures Trading Commission and the U.S. Securities and Exchange Commission recently revealed that there is nothing in current law that prevents certain crypto commodity products, including those with leverage, from being listed on exchanges registered with either regulatory agency, as long as they coordinate with agency staff.
The approval could pave the way for other exchanges to have designated contract market (DCM) status, including Coinbase and prediction market venues such as Kalshi and Polymarket.
