The U.S. Commodity Futures Trading Commission (CFTC)
may allow trading platforms licensed under Europe’s new MiCA framework to
operate in American markets, Acting Chairman Caroline D. Pham told UK
lawmakers.
Speaking before the All-Party Parliamentary Group on
Blockchain Technologies in London, as reported by the regulator, Pham said the CFTC is exploring whether
MiCA-authorized venues could qualify under its long-standing cross-border
recognition rules.
“The CFTC will also explore whether trading platforms
authorized under the EU Markets in Crypto-Assets Regulation (MiCA), or similar
virtual asset or crypto asset regimes, would also qualify under the CFTC’s
current cross-border frameworks,” Pham mentioned.
Remarks by @CFTCpham before the UK All-Party Parliamentary Group on Blockchain Technologies, Parliamentary International Roundtable Digital Assets Policy & Regulation: https://t.co/wpRhrRlphF
— CFTC (@CFTC) September 8, 2025
CFTC Looks to Europe’s MiCA
The Acting CFTC Chairperson noted that many U.S.
crypto firms relocated abroad due to years of regulatory uncertainty, with some
establishing trading venues in Europe under MiFID or preparing for MiCA
authorization.
Her remarks suggested that, for the first time, Europe’s
landmark MiCA regulation could provide a gateway for access
to U.S. participants.
“Because of the lack of U.S. regulatory clarity and the enforcement-first approach of the past several years, many U.S. firms established affiliates in non-U.S. jurisdictions with clear regulations for crypto asset activities.”
Beyond cross-border issues, Pham said Washington is
entering a “new beginning” of coordination between the SEC and CFTC. The two
regulators will reportedly hold a joint roundtable later this month to discuss harmonizing
product definitions, data standards, and innovation exemptions.
U.S. Crypto Roadmap
The comments follow the release of the Trump
Administration’s digital asset roadmap, which calls for modernized banking
rules, stronger oversight of stablecoins, and new tools such as safe harbors
and sandboxes.
The CFTC has launched a “Crypto Sprint” to seek public
feedback on listed spot crypto trading, with comments due October 20. Pham said regulation must remain “technology-neutral”
and warned against repeating mistakes from the Dodd-Frank Act that created
“regulatory moats and market fragmentation.”
Related: SEC and CFTC Issue Joint Crypto Guidance; Could the UK Take Similar Steps?
Through her role at the CFTC ’s Global Markets Advisory
Committee, Pham has pressed for pragmatic cross-border rules. She said aligning
with regimes like MiCA, which already cover capital, custody, transparency, and
retail protection, could prevent further fragmentation.
U.S. market regulators recently signaled openness
toward cryptocurrency trading, saying existing registered platforms are capable
of handling spot transactions under their oversight.
🚨 The NYSE, Nasdaq, CBOE, CME, etc, will soon have spot trading for BTC, ETH, and more. https://t.co/qZo3YsYDQA
— matthew sigel, recovering CFA (@matthew_sigel) September 2, 2025
In a joint statement, the Securities and Exchange
Commission and CFTC encouraged platforms to approach them with questions,
suggesting a willingness to work within current frameworks rather than wait for
new laws.
The move highlighted the agencies’ coordinated effort
to provide regulatory clarity as the US continues to debate broader digital
asset legislation.
The U.S. Commodity Futures Trading Commission (CFTC)
may allow trading platforms licensed under Europe’s new MiCA framework to
operate in American markets, Acting Chairman Caroline D. Pham told UK
lawmakers.
Speaking before the All-Party Parliamentary Group on
Blockchain Technologies in London, as reported by the regulator, Pham said the CFTC is exploring whether
MiCA-authorized venues could qualify under its long-standing cross-border
recognition rules.
“The CFTC will also explore whether trading platforms
authorized under the EU Markets in Crypto-Assets Regulation (MiCA), or similar
virtual asset or crypto asset regimes, would also qualify under the CFTC’s
current cross-border frameworks,” Pham mentioned.
Remarks by @CFTCpham before the UK All-Party Parliamentary Group on Blockchain Technologies, Parliamentary International Roundtable Digital Assets Policy & Regulation: https://t.co/wpRhrRlphF
— CFTC (@CFTC) September 8, 2025
CFTC Looks to Europe’s MiCA
The Acting CFTC Chairperson noted that many U.S.
crypto firms relocated abroad due to years of regulatory uncertainty, with some
establishing trading venues in Europe under MiFID or preparing for MiCA
authorization.
Her remarks suggested that, for the first time, Europe’s
landmark MiCA regulation could provide a gateway for access
to U.S. participants.
“Because of the lack of U.S. regulatory clarity and the enforcement-first approach of the past several years, many U.S. firms established affiliates in non-U.S. jurisdictions with clear regulations for crypto asset activities.”
Beyond cross-border issues, Pham said Washington is
entering a “new beginning” of coordination between the SEC and CFTC. The two
regulators will reportedly hold a joint roundtable later this month to discuss harmonizing
product definitions, data standards, and innovation exemptions.
U.S. Crypto Roadmap
The comments follow the release of the Trump
Administration’s digital asset roadmap, which calls for modernized banking
rules, stronger oversight of stablecoins, and new tools such as safe harbors
and sandboxes.
The CFTC has launched a “Crypto Sprint” to seek public
feedback on listed spot crypto trading, with comments due October 20. Pham said regulation must remain “technology-neutral”
and warned against repeating mistakes from the Dodd-Frank Act that created
“regulatory moats and market fragmentation.”
Related: SEC and CFTC Issue Joint Crypto Guidance; Could the UK Take Similar Steps?
Through her role at the CFTC ’s Global Markets Advisory
Committee, Pham has pressed for pragmatic cross-border rules. She said aligning
with regimes like MiCA, which already cover capital, custody, transparency, and
retail protection, could prevent further fragmentation.
U.S. market regulators recently signaled openness
toward cryptocurrency trading, saying existing registered platforms are capable
of handling spot transactions under their oversight.
🚨 The NYSE, Nasdaq, CBOE, CME, etc, will soon have spot trading for BTC, ETH, and more. https://t.co/qZo3YsYDQA
— matthew sigel, recovering CFA (@matthew_sigel) September 2, 2025
In a joint statement, the Securities and Exchange
Commission and CFTC encouraged platforms to approach them with questions,
suggesting a willingness to work within current frameworks rather than wait for
new laws.
The move highlighted the agencies’ coordinated effort
to provide regulatory clarity as the US continues to debate broader digital
asset legislation.
