Speaking recently, Pham said the agency is reviewing whether overseas exchanges that meet strict regulatory standards could qualify for U.S. market access. She pointed to Europe’s MiCA framework as a model of “robust, crypto-specific” oversight that could guide U.S. decisions.
The CFTC already allows some non-U.S. venues to operate under its Foreign Board of Trade (FBOT) regime, which grants access without requiring full designation as a domestic exchange.
Recognizing offshore platforms under a similar arrangement could provide more competition and liquidity for U.S. traders while easing regulatory bottlenecks at home.
The proposal comes as U.S. policymakers face mounting pressure to balance investor protection with innovation. While the SEC has taken a stricter stance toward crypto listings and enforcement, the CFTC’s exploration of cross-border recognition suggests an alternative path that could align U.S. markets with global standards.
For now, the evaluation is only exploratory — but if adopted, it could mark a significant shift in how American regulators handle international participation in digital asset trading.
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