Caroline Pham, the acting chair of the Commodities Futures Trading Commission (CFTC), confirmed plans to launch leveraged spot crypto trading on regulated exchanges. This initiative follows direct talks with major exchanges, including CME and Coinbase Derivatives, and aims to roll out these offerings as soon as next month. Pham's approach leverages existing regulations under the Commodity Exchange Act, allowing for the trading of cryptocurrencies with margin and leverage despite delays from Congress on broader crypto legislation. Leveraged trading would enable investors to borrow funds to amplify their positions in digital assets like bitcoin and ether. For example, with 5x leverage, an investor could control $5,000 worth of bitcoin with just $1,000 of their own capital. While offshore exchanges have offered these products for years, bringing them to CFTC-regulated platforms would introduce stricter oversight and investor protections in the U.S. market. This push aligns with a joint guidance issued by the SEC and CFTC in September, which clarified that registered exchanges are permitted to facilitate trading of certain spot commodities, including cryptocurrencies. Pham's efforts come despite the federal government shutdown delaying the confirmation of Mike Selig as the new CFTC head. Reports suggest that after her CFTC tenure, Pham may transition to a leadership role at crypto payments firm MoonPay.