Chicago-based derivatives exchange Bitnomial is preparing to roll out the first spot cryptocurrency trading platform supervised by the U.S. Commodity Futures Trading Commission (CFTC).
The Chicago-based derivatives exchange’s self-certification rules went into effect on Friday, allowing it to list both leveraged and non-leveraged spot crypto products. The approval will allow customers to buy, sell and finance digital assets directly on a federally regulated commodity exchange, a first in the U.S. market.
CFTC Acting Commissioner Caroline Pham said in November that the agency is in discussions with regulated exchanges about the potential launch of spot crypto products.
Bitnomial’s approval comes as the CFTC accelerates its efforts to bring the retail cryptocurrency market under federal commodity supervision. Pham argued that the agency already has sufficient powers to oversee spot crypto products.
The CFTC and the Securities and Exchange Commission recently clarified that there is nothing in current law to prevent exchanges registered with either regulator from listing certain crypto products, including leveraged products, as long as they coordinate with agency staff.
This approval could pave the way for other exchanges to hold designated contract market (DCM) status, such as Coinbase and prediction market venues such as Calci and Polymarket.
