The CFTC announced that U.S. citizens may soon be authorized to trade cryptocurrencies on foreign exchanges. Notable examples include Binance, Bybit, and OKX.
Following Kristin Johnson's resignation this week, Pham is the only remaining Commissioner at the CFTC. This may just be an indication of the bold actions she might take with unilateral control.
The CFTC liberalizes the cryptocurrency exchange policy
The CFTC is preparing to take a crucial step in its campaign to improve the regulatory status of cryptocurrencies. According to a press release that circulated today, the CFTC plans to allow U.S. citizens to trade freely on foreign exchanges:
"Today's FBOT notice provides the necessary regulatory clarity to legally bring back trading activity that was driven out of the United States due to the unprecedented forceful regulatory approach of recent years. U.S. companies that were forced to establish themselves in foreign jurisdictions to facilitate cryptocurrency trading now have a pathway back to U.S. markets," stated Interim Chair Caroline Pham.
This announcement marks the first tangible departure from the CFTC's broader "crypto sprint," an accelerated regulatory push aligned with the recommendations of the President's Working Group on Digital Asset Markets.
A few specific foreign exchanges included in the CFTC's decision are Binance, Bybit, and OKX. This type of radical decision could truly open new gateways for global crypto liquidity.
In addition to putting another feather in Trump's cap as the "Crypto President," this action will institute drastic pro-crypto changes that are hard to reverse.
Still, Pham is taking a very unorthodox step with this approach. The CFTC has been suffering from a lack of staff, and Pham is the only remaining Commissioner after Kristin Johnson announced her departure this week.
Moreover, rumors claim that Pham herself plans to leave the Commission after a full-time chair is confirmed.
In other words, Caroline Pham is acting alone at the CFTC right now, and this has allowed her to implement drastic reforms in cryptocurrency exchange policies. Bolder and more pro-crypto unilateral actions could follow in the future.