📅 November 9 | Washington D.C., United States
In a move that could transform—or destabilize—the US digital financial ecosystem, the acting chair of the Commodity Futures Trading Commission (CFTC) confirmed that the agency will promote the launch of leveraged spot cryptocurrency trading on regulated exchanges. The announcement, made during a conference in New York, marks a historic shift in US regulator policy, which for the first time would authorize investors to trade directly on digital assets with leverage, not just on derivatives.
📖 During her remarks, Acting Chairwoman Caroline Pham, one of the most pro-crypto voices within the CFTC, confirmed that technical guidelines are being developed to enable spot leverage on exchanges registered under US jurisdiction.
“We want to offer investors the same experience and protection they already have in traditional markets, without pushing them toward foreign platforms,” Pham stated.
The measure seeks to attract institutional volume and liquidity that is currently fleeing to more flexible jurisdictions, such as Singapore or the Cayman Islands. According to The Block Research, more than 70% of leveraged cryptocurrency trading volume is conducted outside the US, limiting the country's oversight and tax collection.
However, the risk is clear: leverage amplifies gains… but also losses. A miscalculation, a sudden market crash, or price manipulation could trigger massive liquidations in a matter of minutes, even within “regulated” exchanges.
Critics, including some members of Congress, warned that the measure could “repeat the cycle of euphoria and collapse” experienced during the 2022 crisis, when thousands of retail traders were wiped out by forced liquidations.
Even so, the CFTC seems determined. The goal is to create a competitive market against global giants and provide a legal framework that channels risk appetite toward a more transparent infrastructure. If implemented, leveraged spot trading could begin by mid-2026, and the first eligible platforms would be Coinbase Derivatives, Kraken Financial, and CME Group.
Analysts see this as a coordinated political and financial move: Following the Trump administration's pro-Bitcoin stance and the rise of ETFs, the United States is seeking to consolidate its dominance over the global crypto infrastructure, even if it means playing with fire.
Topic Opinion:
I believe this move by the CFTC marks the beginning of a new era for crypto in the United States, but also a brutal reminder that regulation doesn't always equal security. Leverage is a powerful—and dangerous—tool. Bringing it into the regulated market can foster liquidity, but it can also repeat past institutional mistakes.
💬 Do you think regulated leverage will strengthen crypto adoption or create a new bubble?
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