According to the source, Caroline Pham said the regulator has officially approved spot crypto trading on federally regulated exchanges and described the step as a historic milestone (source: U.S. Commodity Futures Trading Commission; Caroline Pham). Traders should monitor official exchange listing notices and CFTC filings for initial spot BTC and ETH pairs, liquidity conditions, and fee schedules as venues go live (source: U.S. CFTC). Execution teams should review venue market integrity and surveillance rules that will govern these spot markets once published to align routing, compliance, and risk controls (source: U.S. CFTC).