Crypto.com Receives CFTC Approval for Margined Derivatives
In a significant development for the cryptocurrency trading landscape in the United States, Crypto.com has received the green light from the Commodity Futures Trading Commission (CFTC) to provide margined derivatives through its North American affiliate, Crypto.com | Derivatives North America (CDNA).
Expansion of Services
CDNA, which operates as a registered exchange and clearinghouse with the CFTC, has successfully amended its license to become a Derivatives Clearing Organization (DCO). This new authorization allows the company to offer a wider array of cleared margined derivatives spanning cryptocurrencies and other assets, a notable expansion from its previous limitations to fully collateralized products tied to prediction markets.
Additionally, the National Futures Association (NFA) has recognized Foris DAX FCM LLC, the branch acting as Crypto.com | FCM, as a Futures Commission Merchant (FCM). This classification permits Crypto.com to serve as an intermediary for both retail and institutional investors in the U.S. derivatives market.
“With this approval, we aim to deliver regulated, leveraged derivatives to retail clients in the U.S. through a single platform,”
noted Kris Marszalek, CEO of Crypto.com. He emphasized that this move marks a major advance in establishing a comprehensive derivatives platform under the guidance of U.S. regulations.
Support from Regulatory Leaders
Marszalek also acknowledged the efforts of Acting CFTC Chair Caroline Pham in expediting the approval process, highlighting the aligned intentions with the crypto agenda previously set forth by President Trump. The journey towards approval began with an amended DCO application submitted in June 2024, following detailed discussions that started in 2023. The process included thorough reviews of documentation and technical performance assessments of CDNA’s trading and clearing operations. Similarly, the FCM application, which was put forth in April 2022, went through an extensive evaluation by NFA staff as well.
Steve Humenik, who leads clearing operations at CDNA, commented on the importance of these approvals, reinforcing the notion that they reflect Acting Chair Pham’s commitment to delivering on President Trump’s promises. Nick Lundgren, Crypto.com’s Chief Legal Officer, stated that these recent advancements align with the company’s ambition to be recognized as “the most regulated financial services platform globally.”
Travis McGhee, Global Head of Capital Markets at Crypto.com, mentioned that CDNA is in the process of creating a forward-thinking clearinghouse that prioritizes robust risk management and scalability.
CFTC’s Ongoing Efforts in Digital Asset Oversight
In parallel, the CFTC has been actively shaping its digital asset oversight framework by appointing new members to its Global Markets Advisory Committee (GMAC) and the Digital Asset Markets Subcommittee (DAMS). This strategic move aims to incorporate industry insights into its policymaking endeavors related to digital assets.
Key new members include professionals from Uniswap Labs, Aptos Labs, BNY, and Chainlink Labs, all of whom bring a wealth of experience in blockchain, legal frameworks, and institutional crypto strategies. JPMorgan’s Scott Lucas and Franklin Templeton’s Sandy Kaul will co-chair the subcommittee, emphasizing the establishment of clear regulatory guidelines and consumer protection as top priorities. DAMS will work in collaboration with the CFTC on matters of blockchain technology, tokenization, and decentralized finance, assessing risks and guiding oversight across the financial markets.
