The UK Financial Conduct Authority said on 1 August it will allow retail investors to buy crypto exchange-traded notes, reversing a ban imposed in 2021. From 8 October, cETNs referencing assets such as Bitcoin and Ether may be traded on FCA-approved, UK-based investment exchanges, provided firms comply with the regulator’s financial-promotion rules. The FCA stressed that cETNs will not be covered by the Financial Services Compensation Scheme and its prohibition on retail trading of crypto derivatives remains in force. In the United States, Commodity Futures Trading Commission acting chair Caroline Pham announced on 4 August a new initiative to permit spot crypto asset contracts to trade on futures exchanges registered with the agency. The CFTC is seeking public feedback until 18 August on how designated contract markets, including venues such as CME Group, could list physically settled Bitcoin or Ether contracts under existing Commodity Exchange Act authority. The moves by the FCA and CFTC follow a series of recent concessions by regulators, including a late-July U.S. Securities and Exchange Commission decision allowing in-kind creations and redemptions for crypto exchange-traded products. Collectively, the actions point to a gradual opening of mainstream, regulated channels for retail access to digital assets in the world’s two largest financial centres.