CFTC Opens Path for Crypto Firms Abroad to Serve U.S. Customers 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," aims to bring back businesses that previously relocated overseas due to regulatory constraints.

Acting Chairman Caroline Pham emphasized the longstanding precedent of Americans trading on non-U.S. exchanges registered with the CFTC. "American companies that were forced to set up shop in foreign jurisdictions now have a path back to U.S. markets," she stated. The advisory serves as a reminder of existing policy rather than introducing new rules.

The CFTC's Division of Market Oversight reported growing interest in FBOT registrations. Pham framed the move as aligning with the TRUMP administration's priorities, calling it "another example of how the CFTC will continue to deliver wins for President Trump."