Bitnomial is preparing to launch the first spot crypto market regulated by the Commodity Futures Trading Commission after its self-certified rules became effective late in November. The Chicago-based derivatives exchange submitted its paperwork under CFTC Regulation 40.6(a), which allows designated contract markets to implement new rules once they certify compliance with the Commodity Exchange Act.
The rule package covers spot products, including leveraged retail spot transactions under CEA 2(c)(2)(D), opening a path for customers to buy, sell, and finance digital assets directly on the exchange. The November 13 filing indicates the rules took effect on Friday, signaling that trading could begin in the near term. Bitnomial executives and CFTC officials declined to comment on the timeline.
Under the CEA framework, leveraged retail spot products fall within the CFTC’s jurisdiction, and Bitnomial has argued that the agency already has the authority to supervise these markets without additional action from Congress. The filing also suggests that non-leveraged spot products may become available, potentially overlapping with services offered by major platforms such as Coinbase and Kraken. That overlap could draw scrutiny while lawmakers continue working on comprehensive market structure legislation.
The exchange’s move aligns with Acting Chair Caroline Pham’s digital asset initiative, which aims to operationalize policy recommendations from the White House. It also follows a joint SEC-CFTC statement confirming that certain regulated platforms may list spot crypto products under existing law. The timing coincides with increasing coordination between the agencies and the expected transition of SEC Chief Counsel Mike Selig into the CFTC chairmanship.
Congressional Negotiations Enter Critical Phase
The regulatory backdrop is shifting as Senate committees work to finalize a bipartisan market structure package before the end of the legislative year. Staff for the Senate Banking Committee are racing to complete a draft, with Chair Tim Scott and Agriculture Committee Chair John Boozman both signaling an intent to hold markups before Congress adjourns for the holidays.
Democratic members have floated the week of December 8 as a potential target for a Banking Committee markup, though the text has not yet been released publicly. Negotiators began working from draft language only recently, and ongoing discussions could push the process into the following week.
On the Agriculture Committee side, industry participants have been submitting feedback on last month’s bipartisan discussion draft. The proposal drew attention for extending beyond elements of the House’s CLARITY Act, but industry groups flagged gaps in areas such as DeFi oversight and anti-money-laundering provisions. Stakeholders note that committee staff have been receptive as they refine the bill ahead of a planned December session.
A committee spokeswoman said the panel continues to engage with industry representatives as it prepares for markup, which underscores the broader push to establish a unified regulatory framework for digital asset markets.