According to the source, CFTC Acting Chair Caroline Pham confirmed efforts to bring leveraged spot crypto trading to U.S. exchanges could launch as soon as next month. Any leveraged retail spot offering in the U.S. would fall under CFTC oversight via Commodity Exchange Act Section 2(c)(2)(D) covering leveraged retail commodity transactions, requiring compliance with CFTC rules on margin, disclosures, and delivery, according to the CFTC. Exchanges aiming to offer leveraged spot would generally need to submit rule or product filings under CFTC Part 40 and interface with registered futures commission merchants for customer margin custody and risk management, according to the CFTC. Traders should track CME BTC and ETH futures basis and U.S.-offshore spot spreads for early signals of liquidity shifts if regulated U.S. leverage goes live, as CME BTC and ETH futures are widely used by U.S. institutions for price discovery and hedging, according to CME Group. Market participants should also monitor CFTC announcements, exchange status updates as designated contract markets or swap execution facilities, and leverage ratio and liquidation risk disclosures that could affect trading costs and volatility, according to the CFTC.