CFTC to “Explore” Allowing MiCA-Authorized Platforms to Serve U.S. Markets

The U.S. Commodity Futures Trading Commission (CFTC) may allow trading platforms licensed under Europe’s new MiCA framework to operate in American markets, Acting Chairman Caroline D. Pham told UK lawmakers.

Speaking before the All-Party Parliamentary Group on Blockchain Technologies in London, as reported by the regulator, Pham said the CFTC is exploring whether MiCA-authorized venues could qualify under its long-standing cross-border recognition rules.

“The CFTC will also explore whether trading platforms authorized under the EU Markets in Crypto-Assets Regulation (MiCA), or similar virtual asset or crypto asset regimes, would also qualify under the CFTC’s current cross-border frameworks,” Pham informed.

Remarks by @CFTCpham before the UK All-Party Parliamentary Group on Blockchain Technologies, Parliamentary International Roundtable Digital Assets Policy & Regulation: https://t.co/wpRhrRlphF

CFTC Looks to Europe’s MiCA

The Acting CFTC Chairperson noted that many U.S. crypto firms relocated abroad due to years of regulatory uncertainty, with some establishing trading venues in Europe under MiFID or preparing for MiCA authorization.

Her remarks suggested that, for the first time, Europe’s landmark MiCA regulation could provide a gateway for access to U.S. participants.

“Because of the lack of U.S. regulatory clarity and the enforcement-first approach of the past several years, many U.S. firms established affiliates in non-U.S. jurisdictions with clear regulations for crypto asset activities,” she explained.

Beyond cross-border issues, Pham said Washington is entering a “new beginning” of coordination between the SEC and CFTC. The two regulators will reportedly hold a joint roundtable later this month to discuss harmonizing product definitions, data standards, and innovation exemptions.

U.S. Crypto Roadmap

The comments follow the release of the Trump Administration’s digital asset roadmap, which calls for modernized banking rules, stronger oversight of stablecoins, and new tools such as safe harbors and sandboxes.

The CFTC has launched a “Crypto Sprint” to seek public feedback on listed spot crypto trading, with comments due October 20. Pham said regulation must remain “technology-neutral” and warned against repeating mistakes from the Dodd-Frank Act that created “regulatory moats and market fragmentation.”

Related: SEC and CFTC Issue Joint Crypto Guidance; Could the UK Take Similar Steps?

Through her role at the CFTC’s Global Markets Advisory Committee, Pham has pressed for pragmatic cross-border rules. She said aligning with regimes like MiCA, which already cover capital, custody, transparency, and retail protection, could prevent further fragmentation.

U.S. market regulators recently signaled openness toward cryptocurrency trading, saying existing registered platforms are capable of handling spot transactions under their oversight.

🚨 The NYSE, Nasdaq, CBOE, CME, etc, will soon have spot trading for BTC, ETH, and more. https://t.co/qZo3YsYDQA

In a joint statement, the Securities and Exchange Commission and CFTC encouraged platforms to approach them with questions, suggesting a willingness to work within current frameworks rather than wait for new laws.

The move highlighted the agencies' coordinated effort to provide regulatory clarity as the US continues to debate broader digital asset legislation.