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The situation with the regulation of digital assets in the United States is still under development. So far, there is no single federal law that would fully cover this area. Under these conditions, companies that have already received licenses from financial regulators operate based on existing rules. An example of this is the Bitnomial exchange, which received DCM status from the CFTC. She completed all the necessary formalities to organize spot trading of cryptocurrencies using leverage on her site, using certain mechanisms.

The basis for the expansion of the functionality was the administrative regulations of the CFTC, namely Rule 40.6(a). This paragraph indicates that the exchange, which has registration, can add a new product for trading through the self-certification procedure. The Exchange must conduct a legal review itself and send a notification to the Commission explaining in detail why this product complies with the requirements of the Commodity Exchange Act and other applicable regulations. After this notification and after the expiration of the deadline for review by the regulator, the product can be put into operation.

If we talk about the technical side of the issue, then Bitnomial will have to implement fresh components into its trading system to bring this idea to life. The platform will need a developed mechanism for making and settling cash transactions, which differs from the procedures used for futures or options. A separate difficult issue is the creation and maintenance of a margin trading system that includes algorithms for calculating primary and supporting collateral, methods for analyzing risks for customer positions, and processes for resolving outstanding obligations.

From a legal point of view, this idea raises issues about the limits of competence of federal regulators. The CFTC has clear authority in the area of commodity derivatives markets, which it includes, for example, bitcoin. The Securities and Exchange Commission (SEC) regulates securities transactions. The launch of Bitnomial spot trading, based on the commodity classification of assets, takes place within the legal framework historically associated with the CFTC. Thus, the exchange does not ask for the creation of a new regulatory order, but applies the current rules to a new type of activity.

The successful implementation of this project may lead to a rethinking of the usual distinctions between different types of trading platforms and affect the competitive environment, encouraging other licensed operators to take similar actions. Ultimately, such activity by market players underscores the need for the early development and adoption by the US Congress of a comprehensive legislative act that will provide clarity in terms of legal regulation for all participants and consolidate common standards of activity in the digital asset market.