According to the source, CFTC’s Caroline Pham said the regulator may approve leveraged spot crypto trading in the United States as soon as next month after discussions with licensed exchanges. source: public remarks reported on X on Nov 11, 2025 If approved, US registered venues could offer margin-enabled spot pairs for BTC and ETH under CFTC oversight, expanding regulated leverage access for US traders. source: Commodity Exchange Act 7 U.S.C. 2(c)(2)(D) on leveraged retail commodity transactions and CFTC oversight Traders should monitor CFTC product approvals and exchange rule submissions disclosed through the Part 40 process ahead of launch timelines. source: CFTC Part 40 rule filing and self-certification process

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.

According to the source, CFTC Commissioner Caroline Pham is pushing to enable leveraged spot crypto trading on U.S. exchanges as early as next month (source: user-provided post). This information requires confirmation from a primary source such as a CFTC press release, public speech transcript, or a Federal Register notice before drawing trading conclusions (source: CFTC rulemaking and public statements are the authoritative record). Provide an official citation to evaluate potential impacts on BTC and ETH liquidity, basis spreads, and exchange leverage policies (source: CFTC and Federal Register are the definitive sources for regulatory changes).

According to the source, CFTC Acting Chair Caroline D. Pham stated the regulator is "alive and well" and urged "no more FUD," a direct signal intended to quell uncertainty around U.S. crypto oversight, source: Caroline D. Pham public social media remarks dated Sep 29, 2025. Traders can treat this clarity message as a near-term sentiment stabilizer around regulatory headlines and monitor BTC and ETH liquidity, implied volatility, and basis during U.S. hours for positioning shifts, source: trading analysis anchored to Caroline D. Pham public social media remarks dated Sep 29, 2025.

According to @EleanorTerrett, the CFTC will soon issue an advisory clarifying its foreign board of trade (FBOT) registration rules, providing non-U.S. exchanges a clear path to allow Americans to trade on their platforms, source: @EleanorTerrett on X. According to @EleanorTerrett, Caroline D. Pham described the move as a way to onshore crypto activity that had moved offshore, highlighting a regulatory pathway for compliant U.S. participation on foreign venues, source: @EleanorTerrett on X.