CFTC Opens Path for Crypto Firms to Return to U.S. Markets as Foreign Boards of Trade

The Commodity Futures Trading Commission (CFTC) has issued an advisory allowing crypto firms operating outside the U.S. to register as foreign boards of trade (FBOTs) and serve American customers directly. This move, part of the agency's "crypto sprint" initiative, aims to bring back companies that previously relocated overseas due to regulatory uncertainty.

Acting CFTC Chairman Caroline Pham emphasized the longstanding precedent for Americans trading on non-U.S. exchanges registered with the CFTC. "Starting now, the CFTC welcomes back Americans that want to trade efficiently and safely under CFTC regulations," she stated, framing the advisory as a continuation of Trump-era policies while the agency awaits Senate confirmation of a permanent chair.

The advisory—issued by the CFTC's Division of Market Oversight—doesn't alter existing policy but clarifies registration pathways. Market participants have shown growing interest in FBOT registrations, signaling potential reintegration of offshore crypto liquidity into U.S. markets.