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The U.S. Commodity Futures Trading Commission (CFTC) has reiterated its commitment to supporting digital asset trading by clarifying the registration framework for foreign exchanges seeking access to U.S. markets.
In an advisory released this week, the CFTC confirmed that the Foreign Board of Trade (FBOT) registration framework applies uniformly across all markets—spanning traditional financial instruments as well as digital assets. The Commission noted that the guidance aims to resolve uncertainties faced by non-U.S. exchanges on whether to register as a Designated Contract Market (DCM) or as an FBOT, following recent enforcement actions.
By reaffirming the FBOT model, the CFTC intends to provide regulatory clarity, strengthen market access, and facilitate the legal participation of American traders in global derivatives markets. This follows the Commission’s March 2025 declaration that digital asset derivatives will be regulated on the same basis as other financial products.
Acting CFTC Chair, Caroline D. Pham
Acting CFTC Chair, Caroline D. Pham, emphasized that the advisory offers a pathway for U.S.-based firms previously operating offshore due to regulatory hurdles to re-enter domestic markets. “Today’s FBOT advisory provides the clarity needed to legally onshore trading activity that was driven abroad. By reaffirming our longstanding approach, we are ensuring American traders can access the world’s deepest and most liquid markets, while also fostering efficiency and safety under CFTC oversight,” she said.
Since the 1990s, U.S. traders have had access to non-U.S. exchanges registered as FBOTs with the CFTC. With this renewed framework, the Commission signaled its readiness to welcome digital asset trading back under its regulatory umbrella, positioning the U.S. as a more competitive hub for global market participation.
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