U.S. CFTC Launches Leveraged Spot Crypto Trading with Bitnomial in a Regulated Environment
The U.S. Commodity Futures Trading Commission (CFTC) has announced that leveraged spot cryptocurrency trading is going live, beginning with Bitnomial. Bitnomial will operate as a designated contract market (DCM) and will launch within a fully regulated framework. Other regulated DCMs include Coinbase, Kalshi, and Polymarket.
Acting CFTC Chair Caroline D. Pham described this development as a historic milestone, linking it to President Trump’s pro-crypto policy agenda and recommendations from the President’s Working Group on Digital Asset Markets. This initiative forms part of a broader CFTC crypto sprint aimed at implementing the current administration’s policy goals.
Under the new framework, leveraged spot trading will be governed alongside perpetuals, futures, and options, ensuring equal treatment for both retail and institutional orders. Bitnomial's CEO Luke Hoersten emphasized that trading on a DCM provides equal access to liquidity, with no preferential routing or information advantages.
The move underscores an emphasis on establishing safe, regulated U.S. markets amid concerns about offshore exchanges and limited access to U.S. market protections. However, regulatory gaps remain since the CFTC currently lacks broad authority over spot market manipulation. Congress is working to grant spot-market powers, although Pham noted the CFTC already has limited authority to permit leveraged activity on futures exchanges.
Regarding leadership transition, Pham has announced plans to depart upon appointment of a permanent chairman. The Senate confirmation process for Trump nominee Mike Selig is currently underway.
