U.S. CFTC joins SEC in proposing crypto regulations, though spot-market gap lingers

Many of the major platforms are already registered as designated contract markets (DCMs), such as Coinbase, Crypto.com and Bitnomial, and also prediction markets Kalshi and Polymarket. The new crypto subcategory would be narrower than that full DCM status, but if firms want to pursue futures, swaps and options, they’ll need the DCM stamp.

Closing the spot-market gap was at the core of the Digital Asset Market Clarity Act that stalled in the U.S. Senate last month. Since that legislative setback, the CFTC — alongside its larger, sister agency, the Securities and Exchange Commission — has been moving forward on crypto policies to make up for the absence of a new U.S. market structure law.

The SEC had moved well ahead of the CFTC in proposing rules — including one late last week on how investment firms should maintain custody of crypto assets — and implementing an exemption that clears the way for securities tokenization. With Monday’s actions, the CFTC is catching up, and officials suggested that more will come later, because Chairman Selig wants to further cement some of the earlier staff guidance on crypto matters.

Both agencies are currently led by only Republican commissioners as President Donald Trump still hasn’t offered any nominees to fill each five-member commission. At the SEC, that’s now just Chairman Paul Atkins and Commissioner Mark Uyeda. At the CFTC, Chairman Mike Selig has been the sole commissioner for nearly a year, meaning he has been taking unilateral actions akin to agencies established with a single director.