Bitnomial’s Bold Crypto Bound: First Federal Spot Trading in the US?

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Well, well, well, if it isn’t the old hatful of fintech tricks from our fine Chicago pals at Bitnomial. They’re hopin’ to grandstand as the very first Designated Contract Market (DCM)-licensed humbugger to peddle spot crypto trading in these here U.S. parts.

These sharp-minded folks rolled up their sleeves and scribed a self-certification declaration for that grand office of oversight, the Commodity Futures Trading Commission (CFTC), under the law that’s known far and wide as regulation 40.6(a). This law gives DCMs the license-mind you, the good kind of license-to hawk spot products, assuming they pay their respects to some special requirements.

From what the writing spells out, Bitnomial is twisting and tweaking a handful of their company’s rules to bedazzle in spot trading. But fear not-these updated rules shall not meddle with the firm’s devout adherence to those DCM standards, they assure us, effective hitherto Nov. 28. How’s that for punctuality?

Federally-Regulated Spot Cryptocurrency Hocus-Pocus by December? 🎩

Don’t you fret, many places, like the illustrious Coinbase and witty Kraken, are already presenting the goods of spot crypto in the ol’ US of A. But they do their business-regulated jingle-jangle through the states. Others, including Cboe, who’re more busy than a one-legged cat in a room full of rocking chairs, offer similar allurements under state licenses. Bitnomial aims to be the first DCM to upstage them all, serving the wares under the king’s banner, huzzah!

And would you believe it? It looks like Bitnomial’s bureaucratic maneuvering has been stamped with approval. They signed off their filing on November the 13th-most opportune time, if I might say. Regulation 40.6(a) grants those chiefs at the CFTC exactly ten shifty days to slap the “no-go” stamp on the self-certification. But alas, they paid no mind.

The notorious “40.6(a) Self-certification of rules” was given a spruce-up in September, serendipitously aligning with the CFTC’s audacious “Crypto Sprint” escapade. The grand watchdog, one acting chairman Caroline Pham, whisper the grand plan: to catapult Mr. President Trump’s vision of making Uncle Sam the crypto kingdom’s kingpin.

As per the scribble in those law books, the newfangled company edicts are deemed certified “unless the Commission, in what we might call a minor longing for meddling, intends to issue a stay of the blessing, under paragraph (c).” All hankies are neatly tucked away and, fingers crossed, no surprises in sight.

With Coin-speaker giving a holler to Bitnomial asking for their word, the response came like a footless ghost. Nor has the CFTC offered a public chinwag concerning the filing as of the time of this raconteur’s scribbling.

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2025-12-02 04:13