According to @VanessaGrellet_, on Aug 28 the CFTC issued new guidance on Foreign Board of Trade (FBOT) registration. Source: @VanessaGrellet_. Under the FBOT framework, registered non-U.S. exchanges can offer direct access to U.S. participants subject to CFTC oversight and conditions, which is the mechanism this guidance addresses. Source: CFTC Foreign Boards of Trade program. According to @VanessaGrellet_, the update could reopen U.S. access to global markets, including crypto exchanges. Source: @VanessaGrellet_. For trading desks, market access changes will depend on which offshore venues obtain FBOT status and what products are permitted, as the CFTC maintains a public FBOT registration list and imposes product-level conditions. Source: CFTC FBOT registrations and conditions; @VanessaGrellet_. Near term, monitor exchange announcements and CFTC dockets for FBOT applications and approvals to gauge timing and scope of potential U.S. access to crypto derivatives. Source: CFTC FBOT process; @VanessaGrellet_.