The U.S. Regulator is Moving Towards Crypto Spot Trading.

Important Developments in the Global Crypto Market

Caroline Pham, the acting head of the Commodity Futures Trading Commission (CFTC), is expected to lead the agency that will oversee a significant portion of crypto trading in the United States. Allegedly, Pham aims to open the door for spot trading of retail crypto products by conducting one-on-one meetings with regulated exchange operators.

Additionally, it is reported that Pham plans to establish a special trial unit in the enforcement division, which has seen a significant reduction in federal employment recently. This move is considered part of efforts to enhance the CFTC's ability to oversee cryptocurrency markets.

Moreover, there are indications that the intention is to allow the use of stablecoins as tokenized collateral starting in early 2024. However, Pham is likely to transition to her plans at MoonPay by that date.