CFTC Allows Foreign Crypto Firms to Register and Serve U.S. Customers

The Commodity Futures Trading Commission (CFTC) issued an advisory allowing foreign firms registered as Foreign Boards of Trade (FBOTs) to engage directly with U.S. customers. Key points include:

American companies previously operating abroad can now return to U.S. markets.
The advisory is a reminder of existing regulations; no policy changes were made.
CFTC Acting Chairman Caroline Pham emphasized the agency's commitment to facilitate crypto trading under its regulations.
Firms must be rigorously regulated in their home countries but do not need U.S. Designated Contract Market (DCM) registration to serve U.S. clients.

In leadership news, Brian Quintenz's confirmation process for CFTC chairman has been paused, with expectations for it to resume soon. Currently, the commission faces reduced membership as Pham and another commissioner prepare to exit.