CFTC
The Commodity Futures Trading Commission, the US federal agency regulating futures, options, and swaps markets.
What is CFTC?
The Commodity Futures Trading Commission (CFTC) is an independent US federal agency created in 1974 to regulate commodity futures and options markets. After the Dodd-Frank Act of 2010, the CFTC's jurisdiction expanded significantly to cover most OTC swap markets. The CFTC oversees designated contract markets (DCMs) such as the CME Group, swap execution facilities (SEFs), futures commission merchants (FCMs), and commodity pool operators (CPOs). Its mission is to promote market integrity, protect market participants from fraud and manipulation, and ensure financial stability in the derivatives markets. The CFTC works alongside the SEC, which regulates security-based swaps and equity derivatives.
Example
In 2023, the CFTC brought enforcement actions against crypto exchanges including Binance and FTX, alleging they allowed US customers to trade commodity derivatives — such as Bitcoin futures — without proper registration and compliance. The CFTC's $4.3 billion settlement with Binance was its largest ever. These actions clarified that many crypto assets are commodities under CFTC jurisdiction, regardless of what exchanges call them.
Source: CFTC — About the CFTC