What To Know
- CFTC aims to implement all crypto market recommendations by August 2026.
- Spot crypto trading expected on at least one CFTC-registered futures exchange by end of 2025, with tokenized collateral guidance coming in 2026.
- Bipartisan progress on U.S. crypto market structure bill; Coinbase CEO optimistic for agreement before Thanksgiving.
The US Commodity Futures Trading Commission (CFTC) has revealed an ambitious plan to complete all crypto market recommendations from the President’s Working Group on Digital Asset Markets by August 2026.
CFTC Chair Caroline Pham: Crypto Rules To be Implemented by Aug 2026
Speaking at the Securities Industry and Financial Markets Association (SIFMA) Annual Meeting, Pham shared a roadmap focused on faster rulemaking, expanded control, and closer coordination with the Securities and Exchange Commission (SEC). She said the CFTC expects spot crypto trading to go live on at least one of its registered futures exchanges by the end of 2025, The regulatory body also expects new guidance on tokenized collateral that could see stablecoins used in cleared markets as early as mid-2026.
The proposal is a step towards modernizing how tokenized assets and blockchain infrastructure fit into existing regulatory frameworks. Planned rulemaking will cover collateral eligibility, margin treatment, clearing, settlement, reporting, and record-keeping. These measures are necessary for integrating blockchain-based financial systems into regulated markets.
Beyond crypto, Pham said the CFTC remains focused on addressing legacy challenges under Dodd-Frank. This includes “unworkable” rules that have limited market participation. Updated relief measures for swap dealers and reporting obligations are expected before year-end. The agency is also working on cross-border harmonization of swap regulations by aligning US standards with international rules on collateral and transaction-level requirements.
SEC-CFTC are planning to coordinate on portfolio margin and alignment of swaps and security-based swaps rules. This move is aimed at improving liquidity and capital efficiency across markets.
To support these plans, the CFTC is also expanding its leadership team. The agency will soon hire for several senior roles, i.e., Head of Markets, Head of Research, and Head of Market Surveillance, seeking professionals with deep experience in financial markets.
Meanwhile, the SEC is preparing its own end-of-year push. Atkins confirmed that the agency is developing “Project Crypto,” an internal framework designed to introduce an “innovation exemption” and potential safe-harbor rules for token issuers. However, progress has slowed due to the federal government shutdown that began on September 30, which has in turn, paused several pending proposals.
“Our staff can’t move forward on initiatives we’ve been developing,” Atkins told CNBC. “Once Congress resolves the shutdown, we’ll be ready to continue our work and deliver on what we’ve planned for this year.”
Both regulators’ plans align with the White House’s call for modernized digital asset oversight, which recommended new registration paths for crypto projects and a clearer division of authority between the SEC and CFTC. Pham’s earlier announcement of a CFTC program for spot crypto asset trading reinforced the agency’s growing role in the digital asset space.
On Capitol Hill, lawmakers are also making progress. Bipartisan meetings this week brought together leading crypto executives, including Coinbase’s Brian Armstrong, Kraken’s Dave Ripley, Circle’s Heath Tarbert, Ripple’s Stuart Alderoty, and Solana Policy Institute’s Kristin Smith, to finalize language for a comprehensive crypto bill that would clarify regulatory responsibilities.
Atkins said he expects the legislation to provide long-awaited clarity for both regulators and the industry. “Clear definitions, what counts as a security and what doesn’t, will help us coordinate better with the CFTC,” he said.
In a parallel development, the long-stalled US crypto market structure bill is once again moving forward, drawing bipartisan interest on Capitol Hill. Coinbase CEO Brian Armstrong said he is hopeful that lawmakers could reach an agreement on the long-awaited legislation before Thanksgiving.
In a recent interview , Armstrong called recent discussions with both Democratic and Republican legislators “very productive,” noting that the renewed cooperation between parties marks a positive shift for the crypto industry’s regulatory outlook.
Also Read: Canada’s Deputy Governor Calls for Stablecoin Regulation
