US Retail Traders Could Access Leveraged Spot Crypto for the First Time; CFTC Chair Engages Exchanges

On Nov 10, 2025

Caroline Pham, acting chair of the US Commodity Futures
Trading Commission, is in discussions with regulated US crypto exchanges to
introduce leveraged spot cryptocurrency products. The launch could occur as
early as next month, according to a statement Pham made yesterday (Sunday) via X.

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In August, the CFTC
launched an initiative to allow trading of spot crypto asset contracts on
registered exchanges. The regulator invited public feedback on rules covering
retail trading with leverage, margin, or financing.

CFTC Reviews Rules for Leveraged Crypto

Pham confirmed that she is advocating for leveraged spot
crypto trading and continues to meet with industry representatives despite the
ongoing government shutdown. The regulator is also reviewing guidance for
leveraged spot crypto products.

Under the Commodity Exchange Act, a retail commodity
transaction executed on a leveraged or margined basis is under the CFTC’s
jurisdiction unless the transaction results in actual delivery of the commodity
within 28 days. This means that leveraged crypto spot positions would only be
permitted if their duration is limited to 28 days.

JUST IN: 🇺🇸 CFTC’s Acting Chair Caroline Pham confirms push to launch leveraged spot crypto trading on U.S. exchanges. pic.twitter.com/ENyOiTI1om
— Bitcoin Magazine (@BitcoinMagazine) November 10, 2025

Senate Continues Crypto Market Structure Talks

The development comes amid broader uncertainty about US
crypto regulation. In early October, the Securities and Exchange Commission limited its activity to emergency cases due to the shutdown.

Despite this, Senate lawmakers have reportedly continued
discussions on legislation concerning crypto market structure rules.

CFTC Leadership Uncertainty Grows After Withdrawal

Meanwhile, the White House has
withdrawn Brian Quintenz’s nomination to lead the U.S. Commodity Futures
Trading Commission, ending a confirmation process that faced delays and
opposition. Quintenz, a former commissioner, was nominated earlier this year to
replace Pham.

He thanked the President and Senate Agriculture Committee
and said he would return to the private sector. The nomination stalled amid
Senate delays and industry pushback, including concerns from parts of the
crypto sector.

This article was written by Tareq Sikder at www.financemagnates.com.
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