U.S. CFTC macht ernst: Reguliert jetzt den Krypto-Spotmarkt über Futures-Börsen

Die US-Derivateaufsicht CFTC greift nach mehr Macht – und nutzt dabei eine kreative Lücke im Regelwerk. Statt direkt auf Spot-Märkte zuzugreifen, setzt sie auf Umwege über Futures-Börsen. Clever? Oder typisch regulatorische Akrobatik?

Krypto-Puristen schäumen: 'Das ist, als würde man Autos über Pferdestärken besteuern.' Aber hey – Hauptsache, die Bürokratie hat ihren Fuß in der Tür. Immerhin bewegt sich etwas in dem regulatorischen Dschungel.

Die Strategie könnte aufgehen: Futures-Börsen als trojanisches Pferd, um endlich klare Spielregeln für den wilden Westen der Krypto-Märkte durchzusetzen. Oder es wird ein regulatorischer Albtraum – wir wetten auf Letzteres.

Bonus-Zynismus: Wer braucht schon Innovation, wenn man stattdessen Formularsammlungen harmonisieren kann?

New rules target margin and leverage in spot trades

A key focus of the Crypto Sprint is to bring retail-focused spot trading under direct regulation—especially trades that involve leverage or margin, which have become common features on many crypto platforms.

Under the Commodity Exchange Act, such leveraged commodity trades must occur on regulated exchanges. However, many crypto platforms have operated outside these requirements due to regulatory gray zones.

The CFTC now wants to close those gaps. The agency calls on exchanges, crypto projects, and the broader public to provide feedback on structuring these changes. Specifically, input is being requested on how digital commodities can comply with section 2(c)(2)(D) of the Commodity Exchange Act and Part 40 of CFTC regulations—both of which relate to listing standards and regulatory review processes.

Pham stated that the initiative was not only about bringing crypto into compliance but also about adapting existing rules in a way that respects innovation while maintaining strong regulatory oversight.

Market participants have until August 18, 2025, to submit written comments. These submissions will be publicly available on the CFTC website, enhancing transparency and stakeholder engagement.

Regulators team up to streamline crypto rules

The Crypto Sprint is not happening in isolation. It is being coordinated closely with the Securities and Exchange Commission (SEC), which runs its own initiative, Project Crypto. Both efforts aim to clarify the regulatory environment for digital assets by defining jurisdictional boundaries and enhancing inter-agency cooperation.

The collaboration could help resolve the long-standing turf war between the CFTC and SEC over who regulates what in the crypto space—especially given the blurred line between what constitutes a commodity versus a security.

Pham said that joint oversight will reduce regulatory duplication and give crypto businesses and investors more confidence in operating within U.S. markets.

The CFTC has long argued that it is better suited to oversee crypto spot markets—particularly for assets that are not considered securities. While the SEC continues to pursue enforcement actions against unregistered securities offerings in crypto, the CFTC’s approach leans more toward rule-setting and infrastructure building.

That Crypto Sprint May Change US Digital Asset Trading for Good

By greenlighting spot trading on CFTC-regulated futures exchanges, the CFTC provides a legitimate alternative to unregulated or offshore platforms that have increasingly come under fire due to some, like FTX in 2021 and Binance’s regulatory battles in the following years.

The news has been met with praise from industry leaders. For institutional investors, this goes a long way to calming their nerves around the legality and parity of the framework with which cryptocurrencies are accessed. 

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