The U.S. Commodity Futures Trading Commission on 28 Aug 2025 released an advisory clarifying how foreign exchanges can register as Foreign Boards of Trade, giving non-U.S. derivatives and digital-asset platforms a formal pathway to serve American customers. The guidance applies to both traditional and crypto markets and is intended to replace the patchwork “regulation by enforcement” approach that had limited U.S. access to global liquidity. Acting Chair Caroline D. Pham said the measure would “onshore” crypto activity that migrated overseas and offer American firms “a path back to U.S. markets.” Under the framework, offshore venues may solicit U.S. users once they obtain FBOT status and remain under CFTC oversight, eliminating the need to establish costly stand-alone U.S. affiliates. The clarification could reopen legal access to platforms such as Binance, Bybit and OKX, which stopped servicing Americans after a series of enforcement actions, including Binance’s $4.3 billion settlement with U.S. regulators in 2023. Market participants expect the change to deepen liquidity and reduce trading frictions for U.S. retail and institutional investors. The advisory forms part of the Trump administration’s broader “crypto sprint” to provide clearer federal rules while Congress debates comprehensive legislation. The CFTC said it will monitor implementation to ensure consumer protection and market integrity.