Page 20 - 期货和衍生品行业监管动态（2025年8月）

期货和衍生品行业监管动态

作。CFTC 当前可实施一个明确而简单的解决方案——《美国商品交易法》现行

规定要求，以保证金、杠杆或融资方式进行的商品零售交易必须在指定合约市场

上进行。即日起，我们邀请所有利益相关方共同参与，就如何运用现有监管权限

在指定合约市场上市现货加密货币资产合约提供监管明确性，正如我自 2022 年

以来持续倡议的方案。携手共进，我们将使美国成为全球加密资本中心。”

CFTC 邀请所有相关利益方就指定合约市场上市现货加密货币资产合约提

交反馈建议，包括：《美国商品交易法》第 2(c)(2)(D)条、CFTC 联邦法规第 40

部分、以及根据证券法律法规对属于投资合约组成部分的非证券资产交易在 SEC

框架下可能产生的影响。

公众可于 8 月 18 日前通过 CFTC 官网提交书面意见，所有反馈意见将在

CFTC.gov 公布。更多详情请参阅提交指南。

Acting Chairman Pham Launches Listed Spot Crypto Trading Initiative

(2025/8/4)

Stakeholders Invited to Provide Public Input by August 18

Commodity Futures Trading Commission Acting Chairman Caroline D. Pham

announced today the CFTC will launch an initiative for trading spot crypto asset

contracts that are listed on a CFTC-registered futures exchange (designated contract
market or DCM). This is the first initiative in the CFTC’s crypto sprint to start

implementation of the recommendations in the President’s Working Group on Digital

Asset Markets report. Acting Chairman Pham announced CFTC’s crypto sprint last

week. [See CFTC Press Release No. 9104-25]

“Under President Trump’s strong leadership and vision, the CFTC is full speed

ahead on enabling immediate trading of digital assets at the Federal level in

coordination with the SEC’s Project Crypto,” said Acting Chairman Pham. “There is a

clear and simple solution the CFTC can implement now. The Commodity Exchange

Act currently requires that retail trading of commodities with leverage, margin, or

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