According to the source, CFTC Commissioner Caroline D. Pham has called for a time-limited CFTC pilot program to support responsible innovation in digital-asset markets, indicating potential avenues for new market structures relevant to leveraged spot crypto trading. Source: CFTC, Statement of Commissioner Caroline D. Pham on the Need for a Time-Limited CFTC Pilot Program (2023). Under existing U.S. rules, leveraged or margined retail spot crypto transactions are treated as retail commodity transactions unless actual delivery occurs within 28 days, which has constrained U.S. exchanges from offering retail margin on assets like BTC and ETH. Source: CFTC, Final Interpretive Guidance on Actual Delivery for Digital Assets (2020). CFTC enforcement, including the 2021 settlement with Kraken over illegal off-exchange margined retail commodity transactions in digital assets, underscores the current limitations on leveraged spot offerings without proper registration or actual delivery. Source: CFTC, Press Release 8470-21 (2021). Traders should monitor the Federal Register and the CFTC public docket for any pilot-program notices, exemptive relief, or rulemakings that could change leverage availability on U.S. spot exchanges and impact BTC and ETH liquidity. Source: Federal Register, CFTC rulemaking notices; CFTC.gov press room.