Regulators in Washington on Thursday cleared a major step that lets Americans trade spot Bitcoin and other cryptocurrencies on federally registered exchanges for the first time.
Related Reading
According to the Commodity Futures Trading Commission, listed spot crypto products may now be offered on exchanges registered with the agency, a move announced on December 4, 2025.
Regulated Spot Trading Begins
The action comes from a CFTC press release labeled Release No. 9145-25 and that the change allows spot crypto contracts to be listed on futures exchanges that are registered with the CFTC.
The regulator said its rules now permit such listings to trade under the oversight and surveillance standards those exchanges already follow.
.@CFTCpham Announces First-Ever Listed Spot Crypto Trading on U.S. Regulated Exchanges: https://t.co/89Mx6f0ss4
— CFTC (@CFTC) December 4, 2025
Bitnomial Leads The Way
Bitnomial, a Chicago-based derivatives exchange, is set to be the first exchange to list such products, with plans to offer both leveraged and non-leveraged spot trading on its platform.
Market notices and statements show Bitnomial moved quickly to use the new framework, announcing a launch and filings that position it as the first US venue to trade listed spot crypto under CFTC rules.
What This Means For Investors
According to market commentators and reporting, the shift brings spot trades under long-standing market protections like clearing, surveillance and execution rules that apply to other listed products.
That can make some institutional players and big funds more willing to trade onshore. At the same time, regulators say this is meant to pull activity away from unregulated offshore venues and improve market oversight.
Acting Chairman Caroline Pham said the move is meant to strengthen the US position in the crypto market while giving traders access to safer and more transparent trading venues.
Risks Remain
Reports have disclosed that the change does not remove the underlying risks of crypto: prices can swing widely, and no regulatory move can stop market volatility.
Also, only exchanges that seek and obtain the proper CFTC registration will be able to use this route, so most offshore platforms remain outside US oversight for now.
Related Reading
Next Steps
Observers will be watching whether other US exchanges follow Bitnomial, how many retail investors gain access, and how the SEC responds on parallel issues such as token classification and custody rules.
The CFTC had flagged this pathway in August as part of a broader initiative to allow listed spot crypto trading, and agencies have since coordinated on guidance and public engagement.
The CFTC’s Acting Chairman said this brings spot crypto trading into a regulated setting Americans can trust, and that exchanges with the right protections can now list these products.
This development is part of a months-long policy push by the administration to create clearer rules for digital assets.
Featured image from Barron’s, chart from TradingView