CFTC: Crypto Firms That Left U.S. Can Open Doors Here as Foreign Boards of Trade

The Commodity Futures Trading Commission — under its ongoing " crypto sprint " to open a wider path for ￰0￱ business — issued an advisory on Thursday that firms residing outside the ￰1￱ are willing to register with the agency as foreign boards of trade can deal directly with U. S. customers. "American companies that were forced to set up shop in foreign jurisdictions to facilitate crypto asset trading now have a path back to U.

S. markets," said CFTC Acting Chairman Caroline Pham in a statement with the advisory, which didn't make any changes to agency policy but was meant to serve as a "reminder" of a possible approach for such companies. "Since the 1990s, Americans have been able to trade on ￰2￱ that are registered with the CFTC as ￰3￱ now, the CFTC welcomes back Americans that want to trade efficiently and safely under CFTC regulations, and opens up ￰4￱ to the rest of the world," said Pham, who is holding the regulator's leadership spot until a permanent replacement selected by President Donald Trump can be confirmed by the ￰5￱ called the advisory, which was issued by the CFTC’s Division of Market Oversight, "another example of how the CFTC will continue to deliver wins for President Trump as part of our crypto sprint.” The agency has been receiving increased interest in such registrations , the statement said, and the CFTC aims to make clear that firms eligible for FBOT status don't have to register as ￰6￱ contract markets (DCMs) in order to let ￰7￱ directly access their electronic trading ￰8￱ firms do have to be rigorously regulated on their home turf, according to the CFTC ￰9￱ had nominated Brian Quintenz, a former CFTC commissioner, to take over the chairman spot, but the White House paused his confirmation process before the Senate's summer recess.

He's expected to return to that process as soon as next week, but if he's confirmed, he'll be the only member of what's meant to be a five-person ￰10￱ Pham has said she's set to leave, and the commission's only Democrat, Kristin Johnson, is exiting next week. Meanwhile, Pham has been using much of her time atop the commission to pursue crypto-friendly ￰11￱ More: While CFTC Awaits New Chairman, Acting Chief Pham Gets Rolling on Crypto